I was intrigued by this company and thread, so I did some research.
Based in Western Australia, WestStar Industrial (ASX: WSI) is a company doing engineering projects, mostly for mining, but they also do the odd government job, such as very recent WestConnex work. It was a backdoor listing through Antares Mining (ASX: AWW). It seems what WestStar do now is completely unrelated to what its previous incarnations did (that is, mining). The only common connection is Lay Ann Ong, the major shareholder of WestStar and the director of Antares. Lay Ann Ong is an entrepreneur based in Singapore.
From what I can gather, a Perth precast concrete company went broke, and out of that was born Precast Australia (previously known as Precast Perth and Conspect Construction). The general manager of Precast was Robert Spadanuda (a shareholder) who then became the CEO of WestStar Industrial. Precast wasn't (and still isn't) making money, as the precast concrete market in Australia has become very competitive. Most of the above is detailed in the 2016 Replacement Prospectus:
Then in 2018 WestStar bought the engineering company SIMPEC, which was founded in 2017 by brothers Mark and David Dimasi (the former is not to be confused with Mark Di Masi, founder of Ventura Homes). In 2019 WestStar made their maiden profits entirely due to SIMPEC.
In 2020 WestStar bought another established company Alltype Engineering, which was founded in the 80s. It also makes money, contributing 5 months to the 2020 profits of WestStar. They are currently moving the Precast facilities to the Alltype site, which will save WestStar some money. See the 2020 (preliminary) annual report:
Post a comment if I've made any mistakes.
Disclaimer: After I found out the above, I bought some shares in WestStar. I don't know anybody who works for any of the above companies. I haven't set foot in WA for over a decade.
Here's an interview of Robert Spadanuda from WestStar:
Based in Western Australia, WestStar Industrial (ASX: WSI) is a company doing engineering projects, mostly for mining, but they also do the odd government job, such as very recent WestConnex work. It was a backdoor listing through Antares Mining (ASX: AWW). It seems what WestStar do now is completely unrelated to what its previous incarnations did (that is, mining). The only common connection is Lay Ann Ong, the major shareholder of WestStar and the director of Antares. Lay Ann Ong is an entrepreneur based in Singapore.
From what I can gather, a Perth precast concrete company went broke, and out of that was born Precast Australia (previously known as Precast Perth and Conspect Construction). The general manager of Precast was Robert Spadanuda (a shareholder) who then became the CEO of WestStar Industrial. Precast wasn't (and still isn't) making money, as the precast concrete market in Australia has become very competitive. Most of the above is detailed in the 2016 Replacement Prospectus:
Then in 2018 WestStar bought the engineering company SIMPEC, which was founded in 2017 by brothers Mark and David Dimasi (the former is not to be confused with Mark Di Masi, founder of Ventura Homes). In 2019 WestStar made their maiden profits entirely due to SIMPEC.
In 2020 WestStar bought another established company Alltype Engineering, which was founded in the 80s. It also makes money, contributing 5 months to the 2020 profits of WestStar. They are currently moving the Precast facilities to the Alltype site, which will save WestStar some money. See the 2020 (preliminary) annual report:
Post a comment if I've made any mistakes.
Disclaimer: After I found out the above, I bought some shares in WestStar. I don't know anybody who works for any of the above companies. I haven't set foot in WA for over a decade.
Here's an interview of Robert Spadanuda from WestStar:
