FINWIRES · TerminalLIVE
FINWIRES

MLG Oz's Unit to Establish Joint Venture for Hybrid Electric Road Trains

By

MLG Oz's (ASX:MLG) wholly-owned unit IMS Oz Ventures executed a binding heads of agreement with Mick Murray Welding NT to establish an incorporated 50-50 joint venture to commercialize a hybrid and battery-electric road train power-trailer system, according to a Tuesday Australian bourse filing.

The system is being developed in phases, with in-house testing scheduled to begin in the September quarter, per the filing. Site deployment will occur at an MLG-operated haulage site in the Northern Territory.

MLG said its capital commitment to the first phase was around AU$1.2 million to progress the initial system unit into testing. Further capital will be considered by the joint venture board on satisfaction of the applicable phase gate criteria.

The joint venture provides MLG a 50% share of the profit from third-party commercialization across the Australian resources sector.

Related Articles

Asia

Claimants Withdraw Lawsuit Against PropNex's Arm

PropNex (SGX:OYY) said a lawsuit filed against the company's wholly-owned subsidiary, PropNex Realty, as a co-defendant, has been dropped, according to a Friday filing to the Singapore stock exchange.The claimants have discontinued and withdrawn the suit, the statement said.PropNex Realty was named as one of three co-defendants in a lawsuit filed in the High Court of Singapore in February. According to the lawsuit, claimants sought damages against PropNex Realty for alleged breach of duty of care and sought compensation of around SG$367,405 in damages.The withdrawal of the case is not expected to have any material impact on the financial position and performance of the group for the financial year ending Dec. 31.PropNex's shares were down nearly 1% in Monday's trade.

SGX:OYY
Asia

Dawning Information Industry Proposes Convertible Bond Issue for AI, Storage Push

Dawning Information Industry (SHA:603019) on Monday filed a prospectus for a convertible bond issue to unspecified investors.Proceeds are earmarked toward an artificial intelligence computing cluster system, a next-generation AI training-inference integrated machine and a domestic advanced storage system.Shares of the supercomputer manufacturer were down 1% in recent trade.

SHA:603019
Asia

Ampol Secures KKR as Cornerstone Investor in AU$400 Million Financing Transaction; Shares Up 3%

Ampol (ASX:ALD) secured a cornerstone investment from KKR in its AU$400 million financing transaction, according to a Monday statement from the investment firm.KKR is making this investment from its Asia Pacific Credit strategy and insurance platform, with support from Clifford Capital.Ampol will use the funds for refinancing initiatives and other general corporate purposes.Ampol's shares rose nearly 3% in recent trading on Monday.

ASX:ALD