MTQ to acquire oilfield equipment group for A$19.3m

OIL equipment specialist MTQ Corp is acquiring Binder Group for A$19.3 million (S$21.9 million) to boost its products and services.

Binder Group, an Australian company that specialises in pipe supports for the oil and gas industry, operates a manufacturing facility in Perth. It holds a 50 per cent stake in an Indonesian company that runs another manufacturing facility in Jakarta.

Under the deal, MTQ's wholly owned subsidiary, Blomssomvale Investments Pte Ltd, will acquire all of Binder in stages over the next two years. Completion of 75 per cent of the share sale will take place shortly, the company said yesterday.