PEC delists from SGX on Jun 19 in US$165 million acquisition by Liberty Energy Solutions
[SINGAPORE] Engineering company PEC has been delisted from the mainboard of the Singapore Exchange (SGX) as at 9 am on Thursday (Jun 19) after Alliance Energy Services' offer to privatise the group via a scheme arrangement received shareholder approval in May.
The scheme consideration, which amounts to S$0.84 and comprises a payment of S$0.64 per share in cash and S$0.20 per share through a special cash dividend, became effective and binding on Jun 6. A bourse filing listed the scheme's payment date as Jun 17.
The offeror, Alliance Energy Services, is a holding company majority owned by Liberty Energy Solutions, an energy engineering solutions and chemical decontamination services provider. PEC's chairman Edna Ko and CEO Robert Dompeling have minority stakes in the offeror.
With the acquisition of PEC complete at a transaction value of US$165 million, PEC's operational capabilities will be integrated with Liberty Energy's subsidiaries, said the controlling shareholder of Liberty Energy, private equity investor ShawKwei, on Thursday.
The two subsidiaries are energy engineering solutions company CR3 Group and chemical decontamination technologies company ZymeFlow.
This will accelerate the Liberty Energy's strategic development as a global platform for energy services, ShawKwei said.
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Management of PEC will continue under the leadership of Ko and Dompeling as they join Liberty Energy, the private equity investor added.
The offer
Citing PEC's historically low trading liquidity, the offeror said in February that the acquisition presents shareholders a 'compelling opportunity' to unlock value and realise their investment in the company's shares at a premium over historical market prices.
This comes as the scheme reflects a 12.8 per cent premium over the counter's last transacted price of S$0.745 on its last undisturbed trading day on Nov 26, 2024, before the company disclosed that a third party had approached it about a potential share deal on Nov 27, 2024.
The last day of trading for PEC shares was May 27 as the counter was suspended on May 28 with effect from 9 am.
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