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Business Times
14 hours ago
- Business
- Business Times
PEC delists from SGX on Jun 19 after 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 per share 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 that is majority-owned by Liberty Energy Solutions, an energy engineering solutions services provider that operates across North America, Asia and the Middle East. PEC's chairman Edna Ko and chief executive officer Robert Dompeling have minority stakes in the offeror. With the acquisition of PEC complete at a transaction value of US$165 million, Liberty Energy holds an 85 per cent stake in the company. Liberty Energy is 97 per cent owned by ShawKwei & Partners, a private-equity fund manager that invests in industrial and service companies with revenues between US$50 million and US$800 million across Asia, Europe and the US. ShawKwei has funds under management of around US$1 billion and its Singapore portfolio now comprises PEC and precision manufacturing firm Beyonics. Moving forward, PEC's operational capabilities will be integrated with those of two Liberty Energy subsidiaries, said ShawKwei in a Thursday press statement. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up The companies are CR3 Group, a Bangkok-headquartered energy engineering solutions company, and ZymeFlow, a chemical decontamination technologies company based in Houston, Texas. Both are wholly owned by Liberty Energy. The acquisition will accelerate Liberty Energy's strategic development as a global platform for energy services, ShawKwei added. Kyle Shaw, founder and managing partner of ShawKwei and chairman of Liberty Energy, noted that PEC is well-established in Singapore, where it has a 'sizeable' market share. This would enable it to help bring ZymeFlow's decontamination products and services to Singapore and expand the Houston-headquartered company's presence in the city-state, he said. Given that Singapore offers connectivity to energy industries in South-east Asia and countries in the region such as India, a 'high-growth' market for energy services, PEC could leverage CR3's well-established client base in the South Asian nation to take its products and services there, which will benefit both companies, Shaw added. There is also opportunity for technological competence and know-how from Singapore to be exported to 'high-growth' markets for energy services such as the Middle East, where PEC already has a presence, given that Singapore's energy services industry is a relatively mature market, he said. Management of PEC will continue under the leadership of Ko and Dompeling as they join Liberty Energy, the private-equity investor noted. 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.
Time of India
28-04-2025
- Business
- Time of India
Who is Tejpaul Bhatia? Indian-origin executive takes over as Axiom Space CEO ahead of historic Indian astronaut mission
Indian-origin executive Tejpaul Bhatia (In middle) In a major leadership change just weeks prior to an Indian astronaut launching on a historic mission, Axiom Space announced Indian-origin executive Tejpaul Bhatia as its new Chief Executive Officer. Bhatia, formerly the Chief Revenue Officer of the Houston-headquartered firm, joins at a time of great importance. Group Captain Shubhanshu Shukla, chosen by the Indian Space Research Organisation ( ISRO ) and NASA, will fly to the International Space Station next month on Axiom's Ax-4 mission , a collaboration that sees India enter a new era for human spaceflight. Under pressure from previous private astronaut missions to the bottom line, Axiom is working against the clock to make good on its ambitious vow: Replacing the International Space Station (ISS) with a commercial one by 2030. The switch is at a pivotal moment for the space economy , and Axiom is leading the charge. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Trade gold CFDs with a trusted broker | Open an account today IC Markets Learn More Undo 'I've been inspired by space exploration since childhood, and leading Axiom Space at this critical inflection point in human spaceflight is the realization of a lifelong ambition,' said Bhatia in a statement. "We are accelerating our investment in next-generation technologies — spacesuits, orbital infrastructure, and microgravity research — and we're actively seeking passionate, visionary engineers, technologists, and entrepreneurs to build humanity's future in space." Bhatia's record at Axiom is impressive. The firm in its official website mentioned that since joining in 2021, he has brought in more than $1 billion in contracts, arranged the first sovereign government buys of private astronaut missions, and spearheaded collaborations such as the one with Prada to develop next-generation spacesuits for Nasa's Artemis III lunar mission. Prior to his stint at Axiom, Bhatia was a startup entrepreneur, an ESPN executive, and a strategic leader at Google Cloud. Axiom co-founder and former interim CEO Kam Ghaffarian welcomed Bhatia's appointment. 'Tej has been instrumental in turning Axiom's vision into reality. His entrepreneurial drive and commitment to our mission will ensure Axiom's leadership as the space economy accelerates.'
Yahoo
15-04-2025
- Health
- Yahoo
Nexalin secures patent on brain stimulation method for substance use disorders
Nexalin has received patent approval from the United States Patent and Trademark Office (USPTO) for its deep intracranial frequency stimulation (DIFS) method for treating substance use disorders (SUD). The Houston-headquartered company's non-invasive DIFS method aims to assist individuals struggling with SUD, including alcohol and opioid use disorder (AUD/OUD) by applying deep-brain stimulation (DBS) at dynamic frequencies to regulate the neural pathways associated with addiction and withdrawal symptoms. According to Nexalin, chronic relapse among individuals with SUDs is often driven by underlying anxiety, depression, and persistent cravings. The company said its DIFS technology is designed to address these common symptoms with targeted neuromodulation to alleviate them, which it asserts may also help reduce the cravings that typically lead to relapse. Nexalin CEO Mark White said: 'Securing this patent grant from the USPTO is a significant achievement for Nexalin as we continue to push the boundaries of non-invasive brain stimulation. 'SUDs remain one of the greatest public health challenges worldwide, and our DIFS technology has the potential to introduce a transformative approach to treatment.' The US National Institute of Alcohol Abuse & Alcoholism (NIAAA) indicates that almost 29 million adults in the US are living with AUD. Three US Food and Drug Administration (FDA)-approved medications for AUD currently exist, yet research indicates that these are only prescribed to around 2% of people living with the disorder in the US. Last year, Nexalin also secured a patent for its DIFS technology in treating Alzheimer's disease and dementia. Last month, Abbott initiated a pivotal trial for its DBS system to address treatment-resistant depression (TRD) at New York's Mount Sinai Hospital while Medtronic received FDA clearance for its adaptive DBS therapy for patients with Parkinson's disease in February. DBS therapy for addressing neurological and other conditions is a growing area. According to GlobalData analysis, the neuromodulation device market is expected to grow from $9bn in 2023 to more than $10.7bn in 2030 while the DBS device market segment is projected to grow from $1.2bn in 2023 to $1.9bn in 2030. "Nexalin secures patent on brain stimulation method for substance use disorders" was originally created and published by Medical Device Network, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
Reuters
31-01-2025
- Business
- Reuters
Chevron misses earnings estimate as refining posts first loss in four years
Jan 31 (Reuters) - Chevron Corp (CVX.N), opens new tab reported fourth-quarter earnings below Wall Street estimates on Friday as weak margins pushed its refining business into a loss for the first time since 2020. The second-largest U.S. oil producer posted total earnings of $3.24 billion for the three months ended Dec. 31, up from $2.26 billion in the same period last year. However, its adjusted earnings per share of $2.06 was below Wall Street's $2.11 estimate, hit by weak fuel sales in the United States. Profits on fuel sales tumbled across the industry last year, as the post-pandemic demand surge faded and economic activity faltered in the United States and China, the two largest oil consumers. Chevron's downstream business lost $248 million in the fourth-quarter of 2024, compared with a profit of $1.15 billion in the same period a year ago. Margins softened in both the U.S. and international markets, but weak jet fuel demand aggravated troubles for the Houston-headquartered company's domestic business. U.S. fuel sales fell 3% year-over-year, Chevron said. While refining struggled, Chevron's oil production held relatively flat in the fourth quarter at 3.35 million barrels of oil equivalent per day (boepd), compared with 3.39 million bpd a year ago.
