SALE AGREED – AusGroup Companies Pty Limited (AusGroup Australia)
Recent announcements by AusGroup Limited (‘AusGroup Singapore’) on the Singapore Exchange (‘SGX’) confirmed appointment of Deloitte and Touche Financial Advisory Services Pte Ltd as its Interim Judicial Manager to undertake detailed discussions with potential purchasers in relation to the sale of certain assets or businesses including its Australian business.
An agreement which confirms the sale of AusGroup Companies Pty Limited (‘AusGroup Australia’) and its operating businesses comprising AGC Industries and MAS Australasia, and subsidiaries has been signed and an announcement made to the SGX on Thursday 22 December 2022.
The purchaser Altrad Australia Pty Limited (‘Altrad’) is a world leader in the provision of industrial services for the energy, resources, power & water, infrastructure, and defence sectors.
This is an extremely good outcome for AGC and MAS Australasia – it strengthens our future viability and provides a sustainable future for our Australian operations. Importantly, for our valued employees there will be no change to their employer following this transaction.
See SGX announcement here.