PEC's (SGX:HQU) board agreed to a proposed privatization of the company by Alliance Energy Services through a scheme of arrangement, according to a Monday filing on the Singapore Exchange.
Shareholders as of the to-be-determined record date will receive SG$0.84 per share in cash and a SG$0.20 special dividend per share, the filing said.
Alliance, part of Liberty Energy Solutions, has secured support from shareholders, including Executive Chairman Edna Ko Poh Thim and Group Chief Executive Officer Robert Dompeling, holding 63.4% of PEC's stock.
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