Plant Offshore in £2.6m Aim Float

Plant Offshore Group is to raise £2.6m in a flotation on Aim which is expected to value the Malaysian engineering services company at about £22m.

The company, which specialises in handling and supplying projects in the oil and gas sector, has most of its business in Malaysia, but has also recently secured contracts in Qatar and Indonesia and is a supplier to contractors in Nigeria, Thailand, South Korea, Australia, Vietnam and China. The nominated adviser and broker to the float is HB Corporate.