It is seeking shareholders’ approval for its proposed plan to diversify its business into the oil and gas industry. In October 2012 it had entered into a joint collaboration with Resscom Petroleum Sdn Bhd for the distribution and trading of oil and gas products.
The loss-making air and water filter manufacturer said it was vital for the company to seek other sources of revenue to improve its financial performance.
Envair also proposed a private placement of up to 35.56 million new shares of 10 sen each, representing up to 30% of its share capital to directors Mohd Anuar Mohd Hanadzlah and Mohd Shukri Abdullah, managing director Deepak Jaikishan and third-party investors to be identified at a later date. The indicative allocations of the placement shares are 50.6% for Jaikishan, 45.2% for third-party investors, and the balance for Mohd Anuar and Mohd Shukri.
Meanwhile Deepak Jaikishan has been appointed as the managing director of Envair Holdings Bhd. He was seeking to take control of Envair and inject some oil and business into the company. He and parties aligned to him also intended to take up the entire 30 per cent placement block in Envair.
This is the second time Deepak is emerging in Envair. The first time around, Deepak stuck around for three weeks, as reports had claimed that he could not get a larger slice of the company for the right price.
He directly owns 14.7 million Envair shares. Such a stake would give Deepak a 12.39 per cent stake in Envair.
This is the first time the reclusive Deepak has emerged in a public-listed company with an executive role. The 39-year-old Deepak is a director in privately-held Carpet Raya Sdn Bhd. It was noted that from 2000 to 2009, Deepak had completed a few property investment projects, totalling about RM3 billion.
Apart from Deepak, another Carpet Raya director was also appointed to the board of Envair.
Mohd Shukri Abdullah was appointed non-executive director. Mohd Shukri is director in a number of companies such as TJ Oil Land Services Sdn Bhd, Asia Canggih Sdn Bhd, Affluent Corridor Sdn Bhd, Radiant Splendour Sdn Bhd, Dekad Darat Sdn Bhd and Prudent Plus Sdn Bhd.
Through these companies, he oversees the acquisition and sale of landmark properties in Kuala Lumpur such as Wisma Angkasa Raya, Glomac Tower , offices and residences within the KLCC vicinity.
6.7 million shares or 5.66% stake were transacted in off market at an average price of 0.20 per share. The stake is believed to have been disposed by an executive director Datuk Ersi Ung.
The loss-making air and water filter manufacturer said it was vital for the company to seek other sources of revenue to improve its financial performance.
Envair also proposed a private placement of up to 35.56 million new shares of 10 sen each, representing up to 30% of its share capital to directors Mohd Anuar Mohd Hanadzlah and Mohd Shukri Abdullah, managing director Deepak Jaikishan and third-party investors to be identified at a later date. The indicative allocations of the placement shares are 50.6% for Jaikishan, 45.2% for third-party investors, and the balance for Mohd Anuar and Mohd Shukri.
Meanwhile Deepak Jaikishan has been appointed as the managing director of Envair Holdings Bhd. He was seeking to take control of Envair and inject some oil and business into the company. He and parties aligned to him also intended to take up the entire 30 per cent placement block in Envair.
This is the second time Deepak is emerging in Envair. The first time around, Deepak stuck around for three weeks, as reports had claimed that he could not get a larger slice of the company for the right price.
He directly owns 14.7 million Envair shares. Such a stake would give Deepak a 12.39 per cent stake in Envair.
This is the first time the reclusive Deepak has emerged in a public-listed company with an executive role. The 39-year-old Deepak is a director in privately-held Carpet Raya Sdn Bhd. It was noted that from 2000 to 2009, Deepak had completed a few property investment projects, totalling about RM3 billion.
Apart from Deepak, another Carpet Raya director was also appointed to the board of Envair.
Mohd Shukri Abdullah was appointed non-executive director. Mohd Shukri is director in a number of companies such as TJ Oil Land Services Sdn Bhd, Asia Canggih Sdn Bhd, Affluent Corridor Sdn Bhd, Radiant Splendour Sdn Bhd, Dekad Darat Sdn Bhd and Prudent Plus Sdn Bhd.
Through these companies, he oversees the acquisition and sale of landmark properties in Kuala Lumpur such as Wisma Angkasa Raya, Glomac Tower , offices and residences within the KLCC vicinity.
6.7 million shares or 5.66% stake were transacted in off market at an average price of 0.20 per share. The stake is believed to have been disposed by an executive director Datuk Ersi Ung.
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Gold and silver futures look set on Wednesday to post their biggest one-day losses year to date, but the declines “look overdone,” said Julian Jessop, chief global economist at Capital Economics, in a note.
“The trigger appears to have been disappointment that [Federal Reserve Chairman Ben Bernanke] failed to signal any further quantitative easing,” he said. But “such a signal was never very likely as early as today.”
Settlement Cash Structured For Flow
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