Private engineering consulting firm PCT Engineers has received a boost with diversified Asian industrial company IMC Pan Asia Alliance Group agreeing to acquire a 25 per cent shareholding.
Private engineering consulting firm PCT Engineers has received a boost with diversified Asian industrial company IMC Pan Asia Alliance Group agreeing to acquire a 25 per cent shareholding.
IMC will join PCT’s three founders – Angelo Dabala, Gary Napier and Geoff Longshaw – as shareholders in the Belmont-based company, which has increased its annual turnover to about $30 million.
Hong Kong-based IMC, which was established by its chairman Frederick Tsao in 1949, has about 6,000 staff in 19 offices across the Asian region.
Its activities encompass coal production and handling facilities, shipping, fabrication yards and engineering as well as investments in mineral processing facilities, oil and gas assets and real estate.
Belmont-based PCT said it has been working with IMC for more than a year on what it called principles of operation and alignment.
The two companies have signed a memorandum of understanding which, subject to further due diligence, will result in IMC taking a 25 per cent shareholding in PCT for an undisclosed sum.
PCT said its alignment with IMC would enable it to strengthen its position as an independent engineering company, and would open new opportunities for growth in Australia and internationally.
The company also said it would be better equipped to develop new ventures and markets and to undertake major projects.
For its part, IMC said its capabilities in the oil and gas and mining sectors in the Asia Pacific region would be enhanced by having access to PCT’s knowledge and expertise.
It said the investment in PCT would also increase its knowledge of current and future resource and infrastructure opportunities in Australia.
PCT chairman Mel Ashton said he welcomed IMC as a cornerstone investor in the company.
“PCT is very excited to be able to participate in (IMC’s) future and we look forward to working with and learning from IMC as our partnership with them develops,” Mr Ashton said.
IMC will appoint two directors to the PCT board, where they will join Mr Ashton, independent director and Deacons partner John Chandler and the three founders.
The IMC appointment comes one year after PCT completed a restructure of its board and senior management, resulting in the three founding partners moving to non-executive roles.
Mr Dabala, who was previously PCT’s managing director, subsequently teamed with former GRD Minproc chief executive Dario Amara to launch a new engineering firm, Emerson Stewart.
Meanwhile, PCT has recently leased 1250 square metres of office space in the city to accommodate growth in its project activities.
That is additional to its Belmont head office and two-year-old Brisbane office.
Its major clients include oil and gas companies Chevron, Apache and Woodside, as well as Origin Energy, who it is working with on the troubled BassGas project in Victoria.