Civmec pursues ASX listing

Henderson-based shipbuilder Civmec has announced plans to list on the ASX, with details of its entry yet to be determined.

Civmec, which is already listed on the Singapore Stock Exchange, has appointed PwC to evaluate options for a dual listing on the ASX and to form corporate advice on the shipbuilder’s listing options.

A report is expected to be handed to the Civmec board on those recommendations before the end of the year.

“With operations based predominantly in Australia and with the company’s growth prospects substantially focused on the Australian market, a dual listing on the ASX appeared to be a complementary option for the business to consider,” Civmec chief executive Pat Tallon said.

“A dual listing in Singapore and Australia would open up new opportunities in the Australian market where so much of our business is focused while also building on the excellent support we have received from investors in Singapore.

“In light of increased local interest in the company, we feel this is a strong and positive move for our investors because it offers prospects to significantly broaden Civmec’s shareholder base with the knowledge that Australia has a very large pool of funds available for investment”.

Civmec chairman James Fitzgerald said Civmec’s future was tied to Australia, so it made sense for the board to look at listing in Australia.

“It would be good if more Australian investors were able to share in our successes through an investment in the company,” he said.