Hong Kong based investment company Wah Nam has managed to conclude a hostile takeover of Brockman Resources to consolidate its position in the Pilbara region. After it obtained 55.33% stake in the Pilbara junior the chief investment officer Hendrianto Tee and adviser to Wah Nam Wareen Beckwith were both appointed to the board of Brockman Resources.
Mr Beckwith said that the takeover represented the first step in the possible consolidation of other nearby assets, which could possibly share the same rail and port solution. Wah Nam is now considering going after Brockman's Pilbara neighbour, FerrAus.
Wah Nam hopes to gain FerrAus in the takeover bid that it has staked on the company that is valid till July 15. After having consolidated its position with Brockman Resources it has a greater chance of success with FerrAus. By combining the assets of both the companies Wah Nam will have access to port allocations in Port Hedland via the North West iron Ore Alliance.
Mr Tee said that they saw Brockman Resources as an anchor for embarking on this consolidation project because of their size and the port allocation they have. He added that they planned to work for more projects in Australia. He said that they had a vision and a plan and would execute it step wise according to their strategy.