SIG Gases gets RM226.59m offer for unit

SIG Gases gets RM226.59m offer for unit
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KUALA LUMPUR (March 26): SIG Gases Bhd (Siggas) has received an offer from Air Liquide Malaysia Sdn Bhd (ALM) to acquire its entire equity interest in Southern Industrial Gas Sdn Bhd (SIGSB) for RM226.59 million.

The proposed acquisition also includes SIGSB's 40% minority shareholding in Iwatani-SIG Industrial Gases Sdn Bhd, it said in a filing yesterday.

The group said the consideration is subject to the adjustment less bank borrowings plus cash and bank balance. It will be fully satisfied entirely in cash by ALM. The offer will remain open for acceptance until March 29.

"The board will deliberate on the offer letter in due course. If Siggas decides to accept the offer, it is required to reply to ALM by March 29," Siggas said.

At the midday break today, Siggas was five sen or 5.4% higher at 97 sen, for a market capitalisation of RM181.88 million. Some 2.13 million shares were traded.