Chitchat SG construction company in Australia collapse

[bobby]

Pindan collapse leaves creditors owed millions amid concerns laws to protect subcontractors inadequate​

Hundreds of suppliers and subcontractors of the Western Australian construction company Pindan could be left out of pocket by up to $80 million, after the company collapsed into external administration yesterday.

Samuel Freeman of Ernst and Young was appointed as liquidator on Wednesday following unsuccessful efforts by Pindan’s directors to bring in new investors.

There are about 1,400 creditors in total who are owed a combined $80 million, an Ernst and Young spokesperson confirmed.

Of those creditors, about 500 are subcontractors and 400 are trades suppliers.

Pindan is a large construction company based in Perth that services a number of Western Australian government projects.

The company has about 280 employees working on 68 current projects. However, administrators expect that 135 employees will be let go from the wider Pindan group.

 

[bobby]

MERGERS AND ACQUISITIONSDINAH LEWIS BOUCHERTUE 08 OCT 19

Singaporean Developer Picks Up Property Group Pindan​

Developer Oxley Holdings Limited has announced it will acquire full ownership in a takeover of property group Pindan.

Singapore-listed Oxley made a formal announcement regarding its 100 per cent ownership of Perth-based Pindan, the integrated property and construction company, on Monday.

The acquisition of the remaining 60 per cent of Pindan Group follows Oxley’s 40 per cent buy of the company for around $72 million in 2016.

Oxley said it would acquire the remaining interest for “zero consideration”, in its settlement claim after Pindan's failure to meet performance targets.

▲ Oxley Holdings is behind the Royal Wharf development, featuring 3400 dwellings, along the River Thames in London.

Oxley, a Singapore publicly-listed property developer, led by chief executive Ching Chiat Kwong, has a presence across 11 markets which includes London, a large mixed-use development in the business district of Dublin Ireland, two mixed-use developments in Phnom Penh Cambodia, and projects in Cyprus, Indonesia and China.

Pindan, founded in 1977 by George Allingame and David Pringle, will continue to operate across Australia across construction, development and asset management services.

Its co-founders Allingame and Pringle have stepped down from the business, with the acquisition “paving way for retirement” according to a statement.

Pindan's executive team will continue to manage the day-to-day operations of the company, Pindan's Scott Davidson described the latest acquisition as a “significant positive for the company”.

“We have a very strong construction order book with a positive outlook for the future,” Davidson said.

Pindan launched its first Queensland project (lead image), a 25-storey residential tower on the Gold Coast, last year.