Mainland gas supplier Wah Sang Gas Investment Group, in which red chip Tianjin Development Holdings has a 40 per cent stake, is seeking a listing on the Growth Enterprise Market (GEM) to raise up to $100 million. Tony Lo, Tianjin Development's company secretary, said yesterday that an application had been made to the stock exchange for the listing of the group which supplies household liquefied gas to Tianjin and the neighbouring region. Oriental Patron (Asia) had been named as the sponsor, he said. Sources suggested that no more than $100 million would be raised from the flotation, which was expected to take place early next year. Listing proceeds would be used to expand Wah Sang's supply capacity from Tianjin and fund its aggressive expansion plan. Wah Sang has plans to connect 25,000 households this year, reaching 80,000 households next year, and 340,000 by 2003, according to BNP Prime Peregrine. In the five months to December 31, Wah Sang was expected to contribute $10 million to Tianjin Development, with its contribution rising to $25 million for the full-year, Peregrine said. As part of its expansion, Mr Lo said Tianjin Development was planning an A-share listing for its 62 per cent held wine bottler, Dynasty Winery, on the mainland stock market. Pending approval, Tianjin Development will also take a 44 per cent stake in a Pepsi-Cola bottling joint venture in Tianjin, with initial investment of $150 million.