Aussie engineer Civmec eyeing acquisitions

Singapore

AUSTRALIAN heavy engineering firm Civmec, which has seen its share price plunge over the past couple of weeks, said that it is on the lookout for potential acquisitions to expand its business. It is still actively tendering for contracts in all of its business segments and may consider buying back shares to support the hammered stock if it is legally allowed to, it added.

Chief executive officer Pat Tallon told a media briefing held at Tower Club on Wednesday that the firm is shifting its focus to public infrastructure projects as it reduces its reliance on the mining, oil and gas sectors. Its biggest infrastructure project so far is a A$73 million (S$79 million) contract to build and erect steelwork for a new stadium in Perth, Australia.