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WSI - WESTSTAR INDUSTRIAL LIMITED


nipper
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Weststar Industrial Ltd (WSI) backed into a defunct company Antares Mining (AWW) in December 2018. From the time: WestStar Industrial Limited is  focussed on the manufacture and production of concrete elements and structures that are produced by casting concrete in a reusable mould which is cured in a controlled environment, transported to site and then lifted into place.

WestStar Industrial (WSI) is an industrial services company providing engineering, construction and mining services to the resources, energy and infrastructure sectors. The Company's key operating subsidiaries are SIMPEC, a construction contractor with specialist experience in both Structural, Mechanical and Piping (SMP), and Electrical and Instrumentation (E&I) works) and Alltype Engineering offering complete project solutions including SMP and E&I site installation, construction and maintenance services, across almost every industry in Australia.

Current market Cap is around $22 million and the shares have been trading in the 1c to 3c level for most of the past three years. There was a capital raise in November 2021 raising $3.5 million at 2.3c per share.

The first few years were slowly building Contract Revenue with SIMPEC, which is a diversified services company specialising in construction and asset management services. SIMPEC delivery capacity and expertise as a collaborative Partner / Subcontractor in achieving excellence in Construction and Asset Management services Then the acquiition of Alltech Engineering in 2020 saw the numbers rising to above $50 million in 2020 and $70M in FY2021. Alltype Engineering provides workshop fabrication, site installation, construction and maintenance services to the Oil & Gas, Water, Power Generation, Infrastructure, Mining, Resources, Utility, Petrochemical and Defence industries, in both the private and public sectors.

The FY22 projected work is over $200 million.

The current SIMPEC work is as follows:

  • A major construction contract valued at A$145M for the construction of the wet process plant for Iron Bridge in the Pilbara region for FMG.
  • Represents the largest contract win to date for the group
  • WetPlant is a significant part of the new magnetite mine central to the production of 22 WMTPA of high grade, magnetite concentrate product.
  • SIMPEC will supply vertical construction services for the works, with an anticipated workforce of approximately 500 personnel.
  • SIMPEC leadership team for this project are leaders in their fields and have delivered major projects throughout Australia

 

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