Perth-based funds manager Viento Group says it is aiming to enter the mining services industry, after committing to buy “significant items of equipment” to bolster its hire fleet.
Viento also said it was holding discussions with major shareholders Hanscon Holdings and Silverthorn Trust regarding a new start-up and/or the acquisition of an existing mining services business.
Viento said the move was based on company research which identified the urgent need for large mining equipment in Western Australia.
“As a consequence the company has committed to buying significant items of equipment,” Viento said in a statement to the ASX.
Viento said the equipment would be used in its hire fleet and would support the future mining services business.
“The equipment committed to has been acquired at attractive prices by our contacts at Hanscon,” the company said.
“A significant portion of the equipment has been sourced overseas.”
At close of trade today Viento stocks had gained 4.7 per cent, trading at 22 cents.