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Sino Australia Oil & Gas defers IPO by 3 months

Sino Australia Oil & Gas Ltd, a Chinese drilling services company, deferred a proposed initial public offering in Sydney by as much as three months citing a period of "market volatility" in Asia. Sino Australia, based in Daqing in northeast China, plans to complete the offer by Oct 4 and to start trading by Oct 25, Wayne Johnson, a Sydney-based director, said on Monday. That compares with its previous expectation of July 5 after which it requested an extension. The company expects to raise A$15 million ($14 million) to A$20 million, Johnson said. The company said in May it plans to sell 24 million shares at 50 cents a share to raise A$12 million, while a further A$8 million in shares may also be sold.

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