Shareholders of PEC Ltd (SGX: IX2) have approved a US$160 million acquisition by Alliance Energy Services Pte Ltd through a Scheme of Arrangement, paving the way for the delisting of PEC from the Singapore Exchange.
The transaction, endorsed at an Extraordinary General Meeting and pending final court approval, will result in Alliance acquiring all shares in PEC.
Alliance is majority owned by Liberty Energy Solutions Ltd, with minority stakes held by PEC Chair Edna Ko and CEO Robert Dompeling.
Founded in 1982, Singapore-based PEC provides maintenance and EPC services to the oil & gas, petrochemical, and pharmaceutical sectors.
For the 12 months ended December 2024, PEC posted revenue of SGD 391 million and net profit of SGD 15 million, with a net cash position of SGD 142 million.
“This acquisition strengthens our global energy solutions platform,” said Kyle Shaw, Chair of Liberty Energy and managing partner of ShawKwei & Partners, Liberty’s controlling shareholder. “PEC’s technical strength and service quality are highly complementary to our vision.”
Liberty Energy, headquartered in the U.S., offers proprietary products and engineering services to major refineries worldwide.
The firm operates subsidiaries CR3 Pte Ltd and ZymeFlow LLC, leaders in energy efficiency and chemical decontamination, respectively.
Following the deal, PEC will continue to operate under current leadership, collaborating with Liberty to broaden service offerings and expand its footprint across Asia and the Middle East.
The acquisition marks Liberty Energy’s continued expansion in the region and underscores its ambition to build a unified global platform delivering end-to-end energy solutions.
Business News Asia