Companies: PANC   

A specialist in fast-track construction, Quatar-based Panceltica came to AIM on the last day of March with $115 million (£58 million) of pre-float cash.

Aided by broker Hichens Harrison and nominated adviser Blomfield, Jersey-incorporated Panceltica scooped up much of the funding from the Middle East, although UK investors include the Bob Morton-chaired pre-float specialist St Peter Port Capital. Controlling shareholders Hameed Mostafawi and chief executive Paul Fraser, father-in-law of the company’s chief operating officer, have received a ‘cash dividend’ of $24 million as a result of the flotation.

The group uses a special technology called Scottsdale, by which lightweight steel frames can be quickly formed on the building site and then easily assembled into the structural frames used for construction. The group owns the rights to this technology everywhere outside North America and Mexico.

Operations are focused in the Gulf states at present, with clients including government-backed businesses in Qatar and Abu Dhabi. Trading for the previous two years at breakeven, Panceltica turned over $123.9 million last year, 98 per cent from a single contract, and generated a profit of $19.8 million pre-tax. The 100p placing price valued the company at £236.4 million.

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Panceltica Holdings	AIM	£114.64m	48.50p	-6.00p
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