Contractor in talks with UK housebuilders about forming a strategic alliance in the UK
Qatar-based contractor Panceltica is in talks with UK housebuilders about forming a strategic alliance in the UK.
The £65m-turnover company, which floated on the alternative investment market (AIM) on Monday with a market value of £236.4m, specialises in building onsite steel structures for housing and mixed-use projects in the Middle East. It was the largest company to float on AIM this year and its shares were 10 times oversubscribed.
Paul Fraser, its chief executive, who owns 26% of the company, said: “We’ve had interest from all over the world and hopefully there will be some news soon from the UK.”
Its other targets include Brazil and India.
Fraser denied that it was a bad time to float and said the company was doing so to raise its profile to attract staff. “We’re a shining light in the darkness. The banks have been incredibly enthusiastic.”
Panceltica employs 1,500 people at the moment and plans to double that within a year. Turnover is forecast to rise to £152m in 2008 and £250m in 2009. The company raised £55m at the beginning of the year and a further £10m after it floated.