PEC Ltd. US$160 million buyout and privatization by Liberty Energy Solutions Ltd

SINGAPORE, May 7, 2025 /PRNewswire/ -- PEC Ltd ("PEC", SGX: IX2) shareholders have approved a transaction valued at US$160 million for the 100% acquisition by Alliance Energy Services Pte Ltd ("Alliance") through a Scheme of Arrangement at Extraordinary General Meeting in Singapore.  Following sanction of the shareholders' meeting by the High Court of Singapore, all PEC shares will be acquired by Alliance and then PEC will be subsequently delisted from the Singapore Stock Exchange.  Alliance is a holding company majority owned by Liberty Energy Solutions Ltd ("Liberty Energy") with a minority ownership by PEC's Chair Ms. Edna Ko and CEO Mr. Robert Dompeling.

Liberty Energy provides energy engineering solutions and proprietary products to oil & gas refineries and petrochemical facilities around the world.  With operations across the US, Canada, Singapore, Thailand, Malaysia, India, and the Middle East, Liberty Energy combines advanced R&D capabilities with extensive field experience.  The company holds over 200 patents and each year performs more than 200 plant turnarounds for major global clients, including ExxonMobil, Reliance, SPRC, Neste, Chevron, Nayara, Petronas, BP, and Shell.  Liberty Energy is the parent of two wholly owned subsidiaries: CR3 Pte Ltd ("CR3"), a Singapore-based leader in energy efficiency, engineering excellence, and sustainable solutions, and ZymeFlow LLC ("ZymeFlow"), a Houston-based leader in environmentally friendly chemical cleaning and decontamination solutions. ShawKwei & Partners ("ShawKwei") is Liberty Energy's controlling shareholder with management owning the other shares. Please visit libertyenergy.group

Founded in 1982 and headquartered in Singapore, PEC is a well-respected provider of maintenance and integrated EPC services for the oil & gas, petrochemical, chemical terminals and pharmaceutical industries. PEC reported revenue of SGD 391 million and net profit of SGD 15 million for the last twelve months ending 31 December 2024, and a robust balance sheet with net cash position of SGD 142 million. Please visit www.peceng.com

"We are excited to welcome PEC into Liberty Energy," said Kyle Shaw, Chair of Liberty Energy and founder and managing partner of ShawKwei. "PEC's strong management team, technical expertise, and reputation for reliability and service excellence align well with our strategy of building a global platform for best-in-class energy solutions."

PEC will continue to operate under the leadership of Chair Edna Ko and CEO Robert Dompeling and work closely with Liberty Energy to provide a greater range of engineering services and products to deliver greater value to a larger group of customers.  With more than four decades of operational excellence and strong customer relationships across Asia and the Middle East, PEC enhances Liberty Energy's global platform with CR3 and ZymeFlow, and expands its ability to deliver reliable, end-to-end energy solutions worldwide.

About ShawKwei & Partners:

ShawKwei & Partners is a private equity fund manager investing in industrial and service companies with revenues between US$50-800 million operating across Asia, Europe, and the USA.  After investing, ShawKwei & Partners helps improve a business by partnering with management to identify and realize sustainable performance improvements in sales growth, margin expansion, and capital efficiency.  Kyle Shaw established ShawKwei & Partners in Hong Kong in 1998 after previously managing Asian private equity funds for the Tudor Investment Group and Security Pacific National Bank. Please visit www.shawkwei.com

About CR3 Pte Ltd:

Founded in 1991 in Singapore, CR3 provides energy engineering solutions across 18 Asian countries, India, and the Middle East from operational bases in Singapore, Thailand, India, Malaysia, and the UAE.  CR3 is well known for handling mission-critical reactor catalysts used in refining, chemical, fertilizer, and heavy industrial plants for customers in asset-intensive industries such as energy production, chemical processing, and power generation.  CR3 also offers equipment and plant maintenance, pipeline and process services, shutdowns and turnarounds, and engineering, procurement, and construction (EPC) solutions.  Backed by a loyal workforce, strong customer relationships, and a wide network of technical partners, CR3 has built a reputation for excellence and is well-positioned to support the energy sector's transition to a lower-carbon future. Please visit www.CR3.group

About ZymeFlow LLC:

Headquartered in Houston, Texas, ZymeFlow has over 35 years of experience pioneering innovative chemical decontamination solutions that are more effective, more environmentally friendly, and less wasteful than alternative methods.  As an industry leader, ZymeFlow continues to develop proprietary chemistries and application technologies such as ZymeFlow® Pro, Rezyd-HP®, CatZyme®, and ZymeFlow® LNG.  Its diverse, 100% biodegradable product line helps clients meet sustainability goals, reduce downtime, and lower costs across refining, petrochemical, and LNG facilities onshore and offshore in over 55 countries.  Supported by one of the most experienced operations teams in the industry, ZymeFlow's patented, eco-friendly solutions optimize facility performance, reduce carbon footprints, and drive green initiatives. Please visit www.ZymeFlow.com

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