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PSV Awarded New Contracts
PSV Holdings Limited
Incorporated in the Republic of South Africa
(Registration number 1998/004365/06)
Share code: PSV ISIN: ZAE000078705
("PSV" or “the Company” or “the Group”)
PSV awarded new contracts
The board of directors of PSV would like to inform shareholders of a number of contracts
awarded to the Group, bringing welcome future relief as the Company heads towards the end
of their financial year on 28 February 2015.
Abie da Silva, the CEO of PSV indicated that he is pleased with the progress made to cement
the contracts, despite trading conditions still being tough. “We have spent time ensuring
Group tender processes and interactions with clients are enhanced and this has paid off,”
said da Silva.
African Cryogenics, a company with 60 years’ experience, which is able to supply a range of
cryogenics and industrial gas equipment, has been awarded a number of contracts including
the manufacture of hydrogen piping skids for a major petrochemical company. It has also
been contracted to manufacture a dry vapour phase transformer drying system, as well as the
installation of trade billable fully NRCS certified (National Regulator for Compulsory
Specifications) cryogenic flow meters which will be used to deliver liquefied gas. These three
projects are approximately R17 million in value.
Turbo Agencies, which operates in Botswana, Zambia and the Democratic Republic of Congo
(“DRC”), offers bespoke and turnkey solutions through various agency agreements, has been
awarded contracts which are renewable annually and are worth in excess of R25 million per
annum. Turbo will be re-signing three major crane maintenance contracts in Zambia. It has
been award contracts for crane refurbishment and maintenance in the DRC as well as being
awarded a contract for the supply of tools in Zambia.
Omnirapid was recently awarded a once off contract in excess of R30 million, to supply piping
to a mine in the DRC. Omnirapid has long been exporting products into Africa and has
established relationships which coupled with a high quality of service delivery continues to
benefit the company.
Engineered Linings, a company which specialises in the supply and installation of
geosynthetic lining systems, was awarded a contract to supply these linings to a mine in the
DRC. The contract value is R8 million and is expected to be completed in the new financial
year.
Da Silva indicated that at the corporate level, PSV has substantially rightsized its head office
reducing overhead costs by approximately R1 million per month. “The full benefit of this
process is expected to be felt in the new financial year,” he indicated.
PSV recently won a major arbitration arising with the purchaser of Groupline Projects, which
PSV sold in 2011. This will result in an injection of R3,5 million plus legal costs into the
Company. Da Silva indicated that these funds will be used to reduce debt and to fund working
capital.
In conclusion da Silva said, “We have made a concerted effort across the Group to ensure
increased contract flow and to reduce head office costs. These efforts are bearing fruit and 1
we now need to ensure we remain vigilant in the implementation of the contracts as the
resultant income flow will benefit the 2016 PSV results.”
Johannesburg
27 January 2015
Designated Adviser
Merchantec Capital
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