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The Australia-listed investment group said the sale was expected to settle by no later than October 17.
“The $12.24 million proceeds from the sale will be used to fund a combination of further mining services focused acquisitions, debt reduction and associated capital management strategies that the PPK board is currently considering,” the company said.
PPK acquired the COALTRAM business and intellectual property rights from Diversified Mining Services in March for $13 million in cash and also owns underground coal equipment supplier Rambor Mining Services.
Ex-Industrea chief Robin Levison became PPK’s executive chairman in October and has a 19.9% stake in the company.
At that time, Levison said the current stage of the commodities market cycle provided an opportunistic window to acquire profitable privately owned Australia-based mining services businesses with proven growth prospects.
