PORT HURON, Mich., Aug. 21 /PRNewswire/ -- SEMCO ENERGY, Inc.
(Nasdaq: SMGS) today announced it recently sold 1,820,000 shares of common
stock in its recent public offering. Due to strong investor interest, the
number of shares sold exceeded the 1,400,000 shares initially committed by the
underwriters. The $26.2 million net proceeds from the sale was used to pay
down short-term debt.
The stock offering was consistent with the Company's objectives of
improved profitability, increased financial strength and enhancing shareholder
value, said Chief Financial Officer Robert J. Digan, II. "The successful
public offering was a major step in our efforts to improve the financial
flexibility of the Company."
SEMCO ENERGY is an energy-focused holding company. It has three
subsidiaries: 1) SEMCO ENERGY GAS COMPANY distributes regulated natural gas to
240,000 customers in Michigan's Upper and Lower Peninsula; 2) SEMCO ENERGY
SERVICES markets gas and related services and 3) SEMCO ENERGY VENTURES
operates and acquires companies involved in natural gas pipeline and
distribution system construction, construction engineering and propane
SOURCE SEMCO ENERGY, Inc.
Company News On-Call: http: //www.prnewswire.com or fax, 800-758-5804, ext. 769113
CONTACT: Edric R. Mason, Jr. of SEMCO, 810-989-4104, or fax, 810-987-4098