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Jack-In is looking to buy an Australian specialist drilling firm
Posted on Friday, 19 May 2017 09:42
Singaporean oil and gas staffing and recruitment business Jack-In Group has entered into a memorandum of understanding to acquire an undisclosed specialist drilling and blasting construction company in Australia to expand its operations.
As a consequence, the buyer expects to benefit in revenue and earnings in its current financial year.
Jack-In Group will be conducting further due diligence on the targeted business across a 90-day period to assess the viability of the transaction before pursuing further.
No further details of the deal were disclosed.
Founded in 2006, Jack-In, through its subsidiary Jack-in Pile, operates an established piling and foundation services business that offers an environmentally friendly pilling system.
The agency, which previously traded as Oilfield Workforce Group, has completed over 500 projects ranging from industrial, residential, commercial and infrastructure.
Jack-In has offices in Kuala Lumpur and Penang, Malaysia and as a result of this acquisition, the company is embarking on its expansion plan in Australia.
The firm is listed on the Australian Securities Exchange under the ticker symbol JIP and its shares closed at AUD 0.20 (USD 0.15) yesterday, valuing the business at more than AUD 80.45 million.
According to Zephyr, the M&A database published by Bureau van Dijk, there have been 82 deals targeting site preparation contractors announced worldwide since the beginning of 2016.
The largest of these was Cayman Islands-based Ngai Shun Holdings’ HKD 903.87 million (USD 116.12 million) rights issue in July 2016.
Other companies in the industry to have been targeted since 2016 to date include Asia Allied Infrastructure Holdings, Tysan Foundation and Chun Sing Engineering Holdings.
© Zephus Ltd