Civmec Construction & Engineering Pty Ltd has acquired the remaining 50% interest in Civmec DLG Pty Ltd (“Civmec DLG”) from David Liddiard Group Pty Ltd (the “Acquisition”) at a cash consideration of A$10,267.00 (the “Consideration”).
The Consideration was arrived at on a willing-buyer willing-seller basis taking into consideration the net asset value of Civmec DLG.
Following the Acquisition, CCE hold 100% interest in Civmec DLG and Civmec DLG has become a wholly-owned subsidiary of the Company.
The Acquisition of Civmec DLG was funded through internal funds and is not expected to have any material impact on the net tangible assets per share and earnings per share of the Group for the current financial year ending 30 June 2018.
None of the Directors or controlling shareholders of the Company has any interest, direct or indirect in the Acquisition.