M&As this week: Magnetite Mines, Smartchem, Anitua Radial Drilling Services

12 April 2017 (Last Updated April 12th, 2017 18:30)

Magnetite Mines Limited has reached an agreement with Coffee House Group to acquire a 100% stake in Lodestone Equities.

Magnetite Mines Limited has reached an agreement with Coffee House Group to acquire a 100% stake in Lodestone Equities. 

Magnetite Mines is a mineral exploration company, while Lodestone Equities is an investment firm that owns the Olary high-grade magnetite project.

Both companies involved in the deal are based in Australia.

Smartchem Technologies Limited (STL) has reached an agreement to acquire 76% stake in Performance Chemiserve Private Limited (PCPL). 

"PCPL will become a subsidiary of STL and a step-down subsidiary of DFPCL following the transaction."

A wholly owned subsidiary of Deepak Fertilisers and Petrochemicals Corporation Limited (DFPCL), STL is involved in the manufacturing of sheet metal fabrication. The target company is a chemical products manufacturer.

PCPL will become a subsidiary of STL and a step-down subsidiary of DFPCL following the transaction.

Anitua Radial Drilling Services has acquired Central Drillers, a company involved in water bore, geotechnical and environmental drilling.

Both parties in the transaction are located in Papua New Guinea.