PEC, the homegrown plant and terminal engineering specialist which provides project works and maintenance services to the oil and gas, petrochemical, oil and chemical terminal and pharmaceutical industries in Asia and the Middle East, today announced that it has entered into a sale and purchase agreement to acquire 51% of Major Insulation & Links (MIL) Marketing (MIL), the Singapore-based specialist service provider of hot and cold thermal insulation, sound proofing, refractory and fire proofing works in the oil and gas industry, for $3 million.

Group CEO Robert Dompeling says, “Having worked with MIL for several years as a partner on numerous projects, we are confident of the outstanding quality of MIL’s management and service offerings.  MIL will be a valuable addition to our business, further enhancing and expanding our in-house capabilities and overall value proposition to our customers.”

The acquisition is funded using the proceeds from the company’s initial public offering. The Acquisition is not expected to have any material impact on the net earnings per share or the net tangible assets per share of the company for the financial year ending 30 June 2011.