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11 May 07
A leading Australian mining accommodation and services company The MAC Services Group Limited has big plans for the future after listing on the Australian Securities Exchange (ASX) last month.
With an initial public offering of 49 million shares The MAC raised approximately AUS$73.5 million. After a well supported debut on the ASX shares rose from AUS$1.50 to AUS$2.06 with a 37% premium on the first day of trading, and a current market capitalisation of AUS$301 million (based on yesterday’s closing price of AUS$2.15).
Kevin Maloney Executive Chairman and Managing Director of The MAC expressed his thrill at investor’s interest in the company with shares being heavily oversubscribed. After market interest has been keen, and The MAC looks forward to a strong future with its strengthened balance sheet, giving it the capacity to pay down debt and undertake significant expansion.
‘The MAC are well positioned to execute expansion plans with further consolidation in the Bowen Basin in Queensland and other mining regions throughout Australia, we also have intentions to compete internationally’. Mr Maloney went on to say, ‘that to deliver the quality and safety standards expected by a scarce and mobile workforce, much investment in mining accommodation was required, providing The MAC many opportunities for expansion.’
The MAC attributes its success to its fully integrated, 360 degree business model that involves partnering with mining companies and their suppliers to remove the administrative burden of sourcing and providing accommodation.
The MAC present a unique market offering by providing a complete service from the purchase of land and regulatory approvals to the design, construction and management of their villages, including ancillary services such as cleaning, catering, training and entertainment.
The MAC employs a resort style concept when building it’s Villages investing in infrastructure and facilities traditionally avoided, such as car parking, footpaths, awnings, common barbeque areas, guest services, reticulation and landscaping, setting a new bench mark for mining accommodation suppliers.
The MAC commenced supplying large scale, serviced accommodation to the coal mining, construction, resources and tourism industries in the Bowen Basin, Queensland in 1996, and now provides over 3400 fully serviced rooms.
In addition to Mr Maloney, founder of The MAC, it’s board of directors include prominent Director, Geoff Lord, Queensland lawyer John Taylor, former head of Australian equity Sales with JP Morgan (London), Mark Maloney, and the CEO of Infrastructure Investments at Transfield Services, Darce Corsie.