AIA Engineering Limited, through its wholly-owned subsidiary Vega Industries (Middle East) FZC (Vega ME), has expanded its investment in the Australian mining sector. Vega ME acquired an additional 13% stake in VEGA MPS PTY LIMITED (VMPS), a mining services company based in Australia. This acquisition increases Vega ME’s total shareholding in VMPS to 56%, further consolidating its position in the global mining equipment market. The transaction was valued at approximately AUD 2.13 million.
VMPS was incorporated on June 28, 2023, following the transfer of operations from Mining Products and Service Pty. Ltd. (MPS). During the fiscal year 2023-24, VMPS recorded a turnover of AUD 34.54 million and a profit of AUD 4.81 million. It caters primarily to the mining industry in Australia, providing critical materials and services.
This acquisition is a strategic move for AIA Engineering as it seeks to strengthen its presence in the international mining equipment market. Vega ME had already held a 43% stake in VMPS before this transaction. The latest stake acquisition was conducted at arm’s length, ensuring compliance with regulatory requirements and transparent governance practices.
