IPO...Turbo-Mech Bhd

Turbo-Mech, a regional distributor of rotating equipment for the oil, gas and petrochemical industry.

The listing exercise involves a public issue of 18.068 million new shares, of which six million shares were offered to the public, 4.5 million shares woffered to the staff and business associates and 7.568 million shares to be placed out.

Its enlarged paid-up capital of Turbo-Mech of RM54 million, comprising 108 million shares, is scheduled to be listed on April 30.

Turbo-Mech is a regional supplier of rotating equipment including centrifugal pumps, metering pumps, high pressure gas compressors, high pressure pumps, non-seal pumps, steam turbines, industrial cooling fans and spare parts.

Its business of supplying rotating equipment, with the provision of maintenance and repair services, and spare parts to the oil, gas and petrochemical industries enable Turbo-Mech to provide a total solution for its customers.

It has subsidiaries in Singapore, Indonesia and the Philippines, associated companies in Malaysia, Brunei and Thailand, and a representative office in Vietnam.

The directors intend to recommend and distribute gross dividends of not less than 10% of the net profit distributable to shareholders for the year ending Dec 31, 2010.