09/07/2021 - 13:00

Veris purchases stake in Wumara Group

09/07/2021 - 13:00

Bookmark

Upgrade your subscription to use this feature.

ASX-listed Veris has agreed to purchase a 49 per cent stake in indigenous-owned land and construction surveying company Wumara Group.

Veris purchases stake in Wumara Group
Veris is acquiring a 49 per cent stake in indigenous business Wumara Group. Photo: Veris

ASX-listed Veris has agreed to purchase a 49 per cent stake in indigenous-owned land and construction surveying company Wumara Group.

Veris announced the agreement today, saying it ensured EMFOX Pty Ltd (trading as Wumara Group) will work in alliance with the company's subsidiary Veris Australia.

Both businesses are currently working on the NSW government’s $2.4 billion Parramatta Light Rail project through a one-year contract awarded to Wumara Group by CAF Rail Australia.

Those services are expected to generate more than $1 million in revenue.

Wumara Group will maintain majority indigenous ownership, post-acquisition, and continue to be led by managing director Dylan Frank.

“Connection to the land is of central importance to Aboriginal and Torres Strait Islander People, having navigated across the Australian landscape for millennia,” he said.

“By working closely with Veris, Wumara will continue to deliver high quality, culturally appropriate surveying services, focusing on the economic empowerment of First Nations people.”

Mr Frank said he was excited to work alongside Veris on the Sydney rail project, noting it aligned with Womara's ambition to grow its infrastructure division.

Veris chairman Karl Paganin said the company was committed to working respectfully with Aboriginal and Torres Strait Islander organisations and people.

“[I]t’s especially pleasing to be not only working with Dylan and the team at Wumara but also supporting their vision of empowering Indigenous Australians through education and employment opportunities,” he said.

“Having previously launched our first Reconciliation Action Plan, this is another exciting next step as we continue the company’s journey of reconciliation that is built on mutual respect.”

Veris will pay $180,000 in cash and issue $20,000 worth of company shares to Wumara Group, with settlement of the acquisition expected to be completed about mid-month.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

Subscription Options