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NewsEnvair in talks for O&G services venture
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Envair in talks for O&G services venture
by hlk Thu 13 Oct 2011, 21:14
KUALA LUMPUR: Loss-making ENVAIR HOLDING BHD [] is in talks for a possible collaboration to venture into the oil and gas services sector.
The company said on Thursday, Oct 13 the board of directors and key management were deliberating on the viability of the current business of air filtration system and manufacturing.
“We are considering options available to improve its long term and sustainable future growth. As such, the company is currently in talks with few potential partners for joint collaboration to venture into the oil and gas services sector,” it said.
Envair posted net losses of RM290,000 in the second quarter ended June 30, 2011 mainly due to its manufacturing operations while for the first half, the net losses were RM816,000.
It had then said the losses were due to the absence of any contracts in the second quarter. It had accumulated losses of RM13.92 million as at June 30.
The company said on Thursday, Oct 13 the board of directors and key management were deliberating on the viability of the current business of air filtration system and manufacturing.
“We are considering options available to improve its long term and sustainable future growth. As such, the company is currently in talks with few potential partners for joint collaboration to venture into the oil and gas services sector,” it said.
Envair posted net losses of RM290,000 in the second quarter ended June 30, 2011 mainly due to its manufacturing operations while for the first half, the net losses were RM816,000.
It had then said the losses were due to the absence of any contracts in the second quarter. It had accumulated losses of RM13.92 million as at June 30.
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