Macmahon sells Mongolian business for $65M

Company News

Macmahon Holdings Limited (ASX:MAH) has finalised a deal to sell its Mongolian operations to a private company for $US65 million. 

The mining services company has not named the buyer but says it expects net proceeds of the transaction to come in at about $US62 million. 

Under the deal Macmahon will provide certain warranties and transitional services to the buyer for a short period after the sale is tied up.

The divestment comes just days after Macmahon warned it expects to book a pre-tax charge between $95 million and $125 million in the full 2015 financial year. 

Macmahon Holdings booked a net loss of $112.45 million in the first half of the 2015 financial year.