PEC Group shareholders passed the agreement on May 5 with a high vote, with the total value of the acquisition reaching US$165 million (S$213 million). PEC Group mainly serves customers in the oil and gas and petrochemical industries. Acquirer Allia...
PEC Group shareholders passed the agreement on May 5 with a high vote, with the total value of the acquisition reaching US$165 million (S$213 million).
PEC Group mainly serves customers in the oil and gas and petrochemical industries. Acquirer Alliance Energy Services Privacy Co., Ltd. announced on February 17 that it plans to pass an agreement arrangement to acquire and privatize the PEC Group. The purchase price is RMB 0.64 per share, plus a special dividend of RMB 0.20 per share.
Acquisitioner Alliance Energy Services is a holding company with a majority stake held by Liberty Energy Solutions, a provider of energy engineering solutions. PEC Group Chairman Gao Baochen and CEO Robert Dopeling hold minority stakes in the acquirer.
Paragon REIT and Japfa delisted on June 6. They and the PEC Group were originally listed on the main board.
The companies that have been delisted this year include: oil and gas engineering company NauticAWT, shipbuilder JES International, oil and gas contractor Dyna-Mac, and software company Silverlake Axis.
Liberty Energy's controlling shareholder said Thursday that the PEC Group's business will be combined with Liberty Energy's subsidiary CR3 Group and ZymeFlow. This will accelerate the strategic development of Liberty Energy as a global platform for energy services. After joining Liberty Energy, Gao Baochen and Robert will continue to manage the PEC Group.
Originally expected the measures of the stock market review team to ease this situation, but the widespread impact of trade tariffs and uncertainty in the macroeconomic environment have brought about new variables.
Engineering company PEC Group delisted on Thursday (June 19), becoming the third company to delist this month and the seventh company to delist this year.
Several other companies will be delisted this year, including computer product distributor Ban Leong Technologies, real estate company Amara Holdings, technology companies Procurri, Sinarmas Land, ECON Healthcare, and SLB Development.
The local stock market has continued to delist a lot of companies over the years, and experts believe that it is mainly due to the increase in private capital, which provides companies with a viable alternative to the open market. Additionally, companies that think they are undervalued or think they are easier to grow outside of public sight may find delisting a more attractive option.
