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TWP to grow through acquisitions and internally -- Nigel Townshend, CEO
In an interview on ClassicFM @ 18:15 on 26 November 2007
[miningmx.com] -- MINING services firm TWP Holdings will use the capital raised during its listing on the JSE to grow the company through acquisitions and its internal assets, CEO Nigel Townshend said on Monday.
TWP, which listed on the JSE on Monday, has raised more than R400m. The mine engineering, construction and project management company has 1,100 staff and Townshend said the group has been growing at 100% a year over the past three years.
Engineers and their support professions make up 95% of the staff complement.
"It’s been quite a draw on our internal cash flow, starting up new offices, starting up new ventures, so we are going to use the money which we have raised to actually accelerate this growth,” Townshend said on the Classic Business week-nightly radio broadcast.
The private placement was ten times over subscribed and TWP received applications for
R4.2bn worth of shares. It placed shares worth R435m.
The private placement was at R15.69 a share and the shares bolted up to R20 each shortly after the listing.
TWP has an order book of more than R55bn, extending to 2016.
“We are working on a huge range of very prestigious projects for clients locally, in Africa, in Australia and recently we’ve opened an office in Turkey as well,” said Townshend.
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