09/11/2011 - 15:50

Arccon to buy out construction division

09/11/2011 - 15:50

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Arccon to buy out construction division

Allmine Group subsidiary Arccon has entered an agreement to acquire the remaining 50 per cent stake in Construction Industries Australia that it does not already own in an all-scrip offer worth $3 million.

Arccon currently holds a 50 per cent stake in CIA, which operates as the company’s construction division.

Under conditions of the sale, 15 million shares priced at 20 cents each will be held in escrow until September 30, 2012.

Allmine said CIA recorded 10.5 million in net profit after tax for financial year 2011.

It also recently signed a deal with China Nonferrous Metal Industry’s Foreign Engineering and Construction Company to engineer, supply, design and commission Ironbark Zinc's Citronen base metals project in northern Greenland on a turnkey basis.

By close of trade today Allmine’s stock had gained 9 per cent, to trade at 12 cents.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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