KUALA LUMPUR: Carpet Raya Sdn Bhd director Deepak Jaikishan has emerged as a substantial shareholder in loss-making Envair Holding Bhd.
A filing with Bursa Malaysia showed that Deepak had acquired 5.06% equity interest in Envair in a direct deal on Dec 2.
Deepak, who is known to be a politically connected dealmaker involved in various property deals, forked out RM1.32 million for the six million Envair shares at 22 sen a piece.
A search on the Companies Commission of Malaysia’s (CCM) database revealed that Deepak is one of the five shareholders of Carpet Raya, a carpet trading company incorporated in August 1999.
The 39-year-old businessman owns a 20% stake in Carpet Raya, with four other family members, each holding a similar stake.
Carpet Raya posted a net profit of RM5.34 million on RM121.9 million in revenue for FY05 ended December according to CCM’s records.
Deepak’s 5.06% stake in Envair makes him the group’s seventh largest shareholder.
Envair’s core business activities include air filtration systems, manufacturing and liquid filtration systems.
Deepak’s buy at 22 sen per Envair share is at a 24.13% discount to the ACE Market-listed company’s closing stock price of 29 sen on Dec 2.
After a lull of several years, Envair’s stock price started climbing in early October this year. Up until then, Envair’s shares had been trading on very thin volumes at prices between 6.5 sen and 11 sen. But the stock recently hit a three-year high of 41.5 sen on Nov 1, gaining 277% in less than a month from 11 sen on Oct 6. Its last peaks were 55.5 sen on May 7, 2007 and 67.5 sen on June 21, 2005.
Yesterday, Envair rose 2.5 sen to 31.5 sen with 7.75 million shares traded. Its net assets per share was 6.56 sen as at Sept 30.
Envair made the headlines last month when it announced plans to supply two million barrels of light crude oil a month to a China company, An Hong Shenzhen, for a five-year period.
In its clarification to Bursa Malaysia, Envair said two million barrels of WTI light crude oil were worth US$182 million (RM571 million) based on the market price of US$91 per barrel.
Envair recently appointed Mohd Anuar Hanadzlah, brother of Second Finance Minister Datuk Seri Ahmad Husni Hanadzlah, its executive director.
Anuar has marketing expertise within the oil and gas services sector, Envair said in recent filings.
This article appeared in The Edge Financial Daily, December 6, 2011.
A filing with Bursa Malaysia showed that Deepak had acquired 5.06% equity interest in Envair in a direct deal on Dec 2.
Deepak, who is known to be a politically connected dealmaker involved in various property deals, forked out RM1.32 million for the six million Envair shares at 22 sen a piece.
A search on the Companies Commission of Malaysia’s (CCM) database revealed that Deepak is one of the five shareholders of Carpet Raya, a carpet trading company incorporated in August 1999.
The 39-year-old businessman owns a 20% stake in Carpet Raya, with four other family members, each holding a similar stake.
Carpet Raya posted a net profit of RM5.34 million on RM121.9 million in revenue for FY05 ended December according to CCM’s records.
Deepak’s 5.06% stake in Envair makes him the group’s seventh largest shareholder.
Envair’s core business activities include air filtration systems, manufacturing and liquid filtration systems.
Deepak owns a 20% stake in Carpet Raya.
Deepak’s buy at 22 sen per Envair share is at a 24.13% discount to the ACE Market-listed company’s closing stock price of 29 sen on Dec 2.
After a lull of several years, Envair’s stock price started climbing in early October this year. Up until then, Envair’s shares had been trading on very thin volumes at prices between 6.5 sen and 11 sen. But the stock recently hit a three-year high of 41.5 sen on Nov 1, gaining 277% in less than a month from 11 sen on Oct 6. Its last peaks were 55.5 sen on May 7, 2007 and 67.5 sen on June 21, 2005.
Yesterday, Envair rose 2.5 sen to 31.5 sen with 7.75 million shares traded. Its net assets per share was 6.56 sen as at Sept 30.
Envair made the headlines last month when it announced plans to supply two million barrels of light crude oil a month to a China company, An Hong Shenzhen, for a five-year period.
In its clarification to Bursa Malaysia, Envair said two million barrels of WTI light crude oil were worth US$182 million (RM571 million) based on the market price of US$91 per barrel.
Envair recently appointed Mohd Anuar Hanadzlah, brother of Second Finance Minister Datuk Seri Ahmad Husni Hanadzlah, its executive director.
Anuar has marketing expertise within the oil and gas services sector, Envair said in recent filings.
This article appeared in The Edge Financial Daily, December 6, 2011.
