IPO ... SIG Gasses Bhd

SIG Gases Bhd plans to raise RM28.54 million under the listing exercise which will involve the issuance of 49.2 million new shares at 58 sen each.

SIG targets to list in the third quarter of 2010 on the Main Market. Of the 49.2 million shares, 7.5 million would be allocated for the public via balloting and 17.7 million shares for private placement.

Another 9.0 million shares would be allocated for eligible directors, employees and business associates of the group and its subsidiaries and 15.0 million shares for approved Bumiputera investors.

The vendors are also selling three million shares.

To recap, SIG undertakes end-to-end activities of manufacturing, refilling and distribution of industrial gases, namely oxygen, nitrogen, argon, carbon dioxide, dissolved acetylene, gas mixtures, special gases and fuming gas.

SIG has two production-cum-refilling plants in Senai (Johor), and Nilai (Negeri Sembilan), as well as refilling plants in, Puchong (Selangor), Kuantan (Pahang), Bukit Minyak (Penang), and Krubong (Melaka).

Its executive chairman Peh Lam Hoh said SIG plans to expand its refilling facilities in Melaka and Kuantan after its listing exercise.

The expansion of its facilities would enable the group to better meet the local demand for industrial gas.