KUALA LUMPUR: Ni Hsin Resources Bhd looking to venture into the oil and gas industry with an offshore marine services company.
The cookware maker, told the stock exchange on Friday that it has entered into a heads of agreement (HOA) with Satumarin Sdn Bhd to commence discussion and negotiations on the structures and terms of the proposed venture.
The HOA is valid for three months, but may be further extended by mutual agreement.
During that period, Ni Hsin will conduct a due diligence study on Satumarin and its business.
"Upon signing of the definitive agreement will enable Ni Hsin to participate in the business activities of the oil and gas industry through the cooperation with Satumarin and expand the revenue and income stream of Ni Hsin," it said.
Ni Hsin made a loss of RM6mil on revenue of RM14.8mil in the first six-month ended June 30.