Industry sources claim that Costain is one of a list of acquisitions planned by Miletrian, which intends to float on the stock exchange.
A Miletrian source confirmed that the firm was looking for suitable purchases but refused to name targets. The source said: 鈥淲e have not had a direct meeting with Costain or any listed company, certainly not in the last couple of weeks.鈥�
He added: 鈥淲e are looking very seriously at a full listing. These are exciting times.鈥�
Costain was unavailable for comment.
Family-owned Miletrian is one of the 10 fastest-growing unlisted companies in the UK. Its turnover has risen from 拢9.98m in 1996 to 拢44.8m in the year to 31 March.
The rumours about Miletrian come in the same week as Costain appointed a temporary chairman. Dato鈥� Dr Ramli bin Mohamad has taken over from Dato鈥� Jaafar bin Dato鈥� Abdul Hamid, who resigned from the board last week.
In a statement to Costain employees, Mohamad, who was nominated by 34.6% Costain stakeholder , said the firm had started the search for a UK-based chairman.
Mohamad said: 鈥淐ostain has made significant progress in its recovery and we are keen that the right individual with the necessary UK experience is in place to ensure its future success.鈥�
