SYDNEY: Saferoads Holdings (SRH) has entered into a conditional $10.8 million asset sale agreement and a $3 million product supply arrangement with Onsite Rental Group, a national equipment hire business owned by Malaysia-based Sime Darby.
The agreements are subject to several conditions, including SRH shareholder approval, the transfer of key personnel, securing long-term rental contracts, and transferring Victorian and New South Wales leased premises. The product supply agreement requires SRH to fulfill $3 million worth of initial product supply within a year of the sale’s completion, which is expected on May 1, 2025.
Onsite Rental Group will acquire SRH’s Road Safety Rental business under the deal.