The BGC Pty Ltd Board has advised it is exploring options for the group’s national contract mining, maintenance and civil construction business, BGC Contracting.
BGC Chairman Neil Hamilton said the process will be led by its corporate advisor, Macquarie Capital, which, in conjunction with the group’s management, has commenced exploring several strategic options for BGC Contracting including a possible sale, divestment of parts of the business and/or alternate operating models or structures.
Hamilton said: “While this review is ongoing, it will be business as usual for our customers and our staff, and the focus of BGC Contracting will continue to be on delivering excellent services for our customers.”
Plans to divest BGC’s core building materials and construction businesses have been deferred for the foreseeable future, BGC said.
As part of this strategic review process, the BGC board has decided to introduce an independent executive structure for BGC, with the appointment of a CEO to manage the ongoing operations of the group, according to Hamilton.
This will see, with immediate effect, Alan Tate, Group CFO, assume the role of acting CEO, with Sam and Andrew Buckeridge and Julian Ambrose relinquishing their respective day-to-day executive responsibilities.
The board has also initiated a search for a permanent CEO and will announce this appointment in due course.
Just a week before this announcement, BGC Contracting announced it had recently been awarded the earthworks construction contract for Albemarle Group’s Kemerton lithium project.