Tutt Bryant is set to become a wholly-owned enterprise of its Singapore major shareholder
By Rob McKay | July 20, 2010
Tutt Bryant is set to become a wholly owned enterprise of its Singapore major shareholder.
The heavy haulage and equipment hire firm has said Tat Hong Holdings, which owns 70 percent, will move to mop up the remaining shares at 92 cents per share, valuing the Australian company at $132 million, or 30 percent more than at present.
Given the high premium, the independent directors have recommended acceptance the bid.
Tutt Bryant has been on an expansion campaign, opening three new branches, at Laverton, Kwinana and Coffs Harbour in April.
“While we have been operating in Coffs Harbour for 12 months now, the new purpose-built premises will put us in an excellent position to capitalise on the strong business activity in this region,” Branch Supervisor Matthew Burns said at the time.
“Coffs Harbour is ideally situated to service developments in northern NSW, including the Pacific Highway upgrade program which is expected to last for a number of years.”
The Kwinana branch in Western Australia saw the co-location of Tutt Bryant Project Services, Kingston WA and EQ Hire.
“All three businesses will benefit from the new facility’s location in the heart of the Kwinana Industrial Area and its proximity to the Australian Marine Complex at Henderson,” Regional Manager Ray Cron says.
“With blue-chip customers based all around us, we are confident that the opportunities present for our businesses, particularly from the oil
and gas sector, will be enormous.”
In February, the company formed a joint venture with one of Europe’s biggest heavy-lift operators, Italy’s Fagioli.
Tutt Bryant Fagioli is aimed at the booming Australian resources sector, especially in Western Australia and Queensland.