Jaikishan says he’s taking long-term view of Envair stake


  • Business
  • Wednesday, 07 Dec 2011

PETALING JAYA: Carpet Raya Sdn Bhd director Deepak Jaikishan, who had unexpectedly surfaced as a substantial shareholder in ACE Market-listed Envair Holding Bhd, tells StarBiz he is taking a long-term view of his investment and will soon raise his stake to over 10%.

“I aim to be part of this thriving company's executive board and management,” a statement signed by Jaikishan and sent to StarBiz read. “I hereby reiterate that I will not be selling down my stake in the future and, instead, hope to build it up in the days ahead.”

Jaikishan, 39, emerged as a shareholder in the loss-making maker of air and water filters on Friday after he bought six million shares, or a 5.06% stake, for RM1.32mil.

On the same day, Datuk Teh Chee Teong, a former Envair director, sold 15.8 million shares in off-market transactions. No selling price was disclosed.

Envair had last month surprised the market by entering the oil and gas business and said it would supply two million barrels of light crude oil monthly for 60 months to a China-based company, An Hong Shenzhen.

To this end, it had signed a joint marketing agreement with Resscom, which has a licence from Petroliam Nasional Bhd to procure diesel and other oil and gas products.

“I have, by announcing my stake in Envair, decided to be part of this new business (oil and gas) and over the next few months, combine our strengths, to build the business further,” said Jaikishan, who has been dubbed the Carpet Man in some online media reports.

He, however, did not elaborate how he intended to do so.

Shares in Envair ended one sen lower at 30.5 sen yesterday.

For the third quarter ended Sept 30, the company had a net loss of RM900,000 against a net loss of RM1.29mil a year earlier.

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