SIG Gases Berhad (KLSE:SIGGAS) signed a heads of agreement to acquire SSB Cryogenic Equipment Pte Ltd from Peh Lam Hoh, NeltyAgustina Susanto, Yue Thye Chun, Lee Soon Thiam, Leong Chin Yew and Ler Zhi Kang for approximately MYR 130 million in cash and stock on January 29, 2013. SIG Gases will acquire 3.6 million shares of SSB. The purchase consideration is subject to adjustment to be mutually agreed upon by pursuant the due diligence results. The consideration shall be satisfied via a combination of issuance of 163.8 million new SIG shares to satisfy 80% of the purchase price and the remaining MYR 24.57 million will be paid in cash. In a related transaction, SIG Gases signed a heads of agreement to acquire Sing Swee Bee Enterprise Pte Ltd on January 29, 2013. The sellers and SIG are not obligated to proceed with the transaction unless the sale and purchase agreement is executed within six months from the date of heads of agreement.

The transaction is subject to consummation of due diligence investigation, approval of Securities Commission, approval of Bursa Malaysia Securities Berhad for the listing of consideration shares, approval of shareholders of SIG, completion of acquisition of Sing Swee Bee Enterprise and financial audit of target. The acquisition is expected to contribute positively to SIG in the future. SIG Gases will appoint an independent adviser for the transaction.