Perenti offloads Canning Vale lab business MinAnalytical for $75.7m

Perenti has netted $75.7 million from the sale of its minerals analysis business and premises in Canning Vale to ALS for $75.7 million.

The business sold for $43.6m while the land and buildings changed hands for $32.1 million as part of the mining services company’s new capital management policy.

Perenti said the policy aimed to release cash to its balance sheet, shareholders via potential dividends and share buybacks, and for continued investments aimed at lifting its earnings.

The company said the strategic divestment of MinAnalytical would have a slight negative impact on consolidated EBIT(A) for financial year 2022, but retained guidance of between $165m and $185m.

Perenti managing director Mark Norwell said the divestment was part of an ongoing strategic review of the company’s portfolio, including its services, operating regions and businesses.

“As we continue to focus on optimising the performance of our business and creating value for our shareholders, we are pleased to have finalised the sale of non-core property assets and MinAnalytical which have generated $75.7m of cash for the business,” he said.

“The formalisation of our approach to capital management is a key enabler to de-lever our balance sheet, maximise shareholder value and create sustainable, long-term returns.”

Mr Norwell said the company would provide an update on its 2025 strategy next year.

Perenti shares were up 1.5¢ to 81.5¢ at 11am.