KUALA LUMPUR: SIG Gases Bhd said it has received an offer from Air Liquide Malaysia Sdn Bhd to take over Iwatani-SIG Industrial Gases Sdn Bhd for RM226.59 million cash.

Iwatani-SIG Industrial Gases is 60% owned by Iwatani Corp (Singapore) Pte Ltd and 40% by SIG Gases’ wholly-owned subsidiary Southern Industrial Gas Sdn Bhd.

It is based at the Samalaju Industrial Park in Bintulu, Sarawak, where it supplies nitrogen and oxygen.

SIG Gases said in its Bursa Malaysia filing yesterday that the purchase price is subject to adjustment less bank borrowings plus cash and bank balance, as detailed in the offer letter.

Air Liquide’s offer will remain open for acceptance until Friday.