As previously announced, a decision was made by the BGC Board to commence a share sale process for the BGC Group (BGC) in April 2022.
As part of this sales process, BGC has received very strong interest from a range of parties.
However, taking into consideration current market conditions, the Board has decided to postpone the sale of BGC.
BGC Chief Executive Officer Daniel Cooper said despite solid performance across most of the Group’s businesses, BGC’s construction business has been impacted by unprecedented, industry-wide labour and supply chain challenges.
“We are not immune to the supply chain and labour challenges that are affecting all Australian builders. This means that now is not the right time to be selling the Group,” Mr Cooper said.
“Despite construction labour shortages, BGC’s large-scale building materials businesses continue to perform well, benefiting from their strategic market positions and strong underlying demand. This includes demand from the robust Western Australian non-residential construction and resources end markets.”
BGC is committed to a sale, and it remains BGC’s preference to sell the Group as a whole once these short-term challenges subside.
BGC is a vertically integrated building materials and construction company, with market-leading positions in housing, cement, concrete, aggregates, bricks & masonry, plasterboard and other building products & services.