Shareholders of Perth-based engineering and construction company Paladio Group have voted for a name change to Decmil Group.
The announcement is below:
Perth-based engineering and construction company Paladio Group Limited (ASX: PDO) today announced that shareholders voted in favour of changing the company's name to Decmil Group Limited to leverage value from the 30-year history, established reputation with blue chip clients and brand recognition of its major wholly-owned subsidiary, Decmil Australia Pty Ltd (Decmil Australia).
The company's shares will trade as Decmil Group Limited on the Australian Securities Exchange, under the new ASX code DCG, from 22 June 2009.
The name change follows the Board's decision (as announced on 23 April 2009) to change the company's strategic direction and concentrate its activities in the Western Australian mining, oil and gas and infrastructure sectors.
In 2008, Decmil Australia contributed almost 90% of the group's revenue and, based on its existing contracts, it is expected that its revenue contribution will be higher in the 2009 financial year.
The group's current order book for the 2009/2010 financial year is approximately $160 million and the company has a pipeline of current and potential tenders in excess of $500 million.
As previously advised, Mr Scott Criddle will assume the role of Chief Executive Officer of the renamed company on 1 July 2009. Mr Dickie Dique has been appointed to the role of Decmil Australia Managing Director from this date.
