The IMC Group, PCT’s Directors and public officers have been working together for more than a year on principles of operation and alignment and have now signed the MoU, which, subject to further due diligence, will see IMC take the 25 per cent stake in PCT.

IMC will be represented by up to two Directors on the PCT Board but will not be involved in the day-to-day operations and running of PCT. The inclusion of the IMC Directors will bring to the PCT Board a wealth of international management expertise.

IMC has approximately 6,000 employees in 19 countries with offices, inter alia in Hong Kong, Singapore, Beijing, Qingdao, Dalian, Shanghai, Tokyo, Seoul, New Delhi, Jakarta, Bangkok, Kuala Lumpur and Perth. IMC’s Head Office is in Singapore.

The group has three main business areas. These are direct investments, which includes mineral processing facilities, mining funds and oil and gas assets; real estate, which includes investments in the Asia Pacific Region, the USA and UK; and industrial supply chain, which involves coal production and handling facilities, shipping, including tankers and FPSO’s, fabrication yards as well as CUEL Engineering in Thailand.

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The alignment will open up opportunities for PCT by providing avenues for growth in both Australia and in the international marketplace, resulting in enhanced revenues through the channelling of engineering work scopes.

IMC in turn will enhance its capabilities in the oil and gas and mining sectors throughout the Asia Pacific region by accessing PCT as a unique source of knowledge and expertise. This investment in PCT will increase IMC’s knowledge of current and future resource and infrastructure opportunities in Australia.

Mel Ashton, Chairman of PCT said “On behalf of the staff, directors and shareholders of PCT I welcome IMC as a cornerstone investor in PCT. During a recent visit to IMC’s corporate office in Singapore, a delegation from PCT’s board were giving an insight to the vast operations of The IMC Group. We met with Frederick Tsao IMC’s Chairman as well as a number of IMC’s senior executives.

“IMC is fortunate to have such high calibre and impressive people who will continue to drive IMC’s strategic direction and culture into the future. PCT is very excited to be able to participate in that future and we look forward to working with and learning from IMC as our partnership with them develops.”