Air Liquide Malaysia recently has made an offer to buy SIG Gases’ wholly-owned entity Southern Industrial Gas for RM 226.6m ($55.7m).
In a filing with Bursa Malaysia, SIG Gases said it had received a letter from Air Liquide Malaysia to acquire 23 million ordinary shares representing a 100% equity interest.
SIG Gases’ Board of Directors are currently deliberating and will make a decision by the end of the month.
The offer would also include SIG Gases’ 40% stake in the joint venture Iwatani-SIG Industrial Gases. In March 2012, Southern Industrial Gas entered into an agreement with Iwatani Industrial Gas to establish a joint venture company called Iwatani-SIG Industrial Gases. Iwatani holds 60% stake in this joint venture company and Southern Industrial Gas holds 40%.