Duo from China emerge as major players in Envair

The two, who each own 6.75 per cent or eight million shares in Envair, are Xu Sheng and Jiang Chuan Yi.

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Kuala Lumpur: Two Chinese nationals have emerged as substantial shareholders in Envair Holdings Bhd, controlling some 13.5 per cent of the company. Business Times understands that they will be seeking board representation in the company soon. The two, who each own 6.75 per cent or eight million shares in Envair, are Xu Sheng and Jiang Chuan Yi. As at press time, it is not known if the duo are acting in concert with Zai Corporate Finance Ltd (ZAICF), a London-based investment banking firm, which is eyeing a 30 per cent stake in Envair. Last Friday, Envair had said that ZAICF had written in, seeking to purchase 30 per cent of the new ordinary shares in the company. ZAICF, which has done advisory work for firms such as Sime Darby Bhd, Singapore's Temasek, Hays plc and the World Bank, has a strong presence in Hong Kong and mainland market, mainly for helping list China-based companies on the AIMS market in the UK. Elsewhere, in a statement to the stock exchange yesterday, Envair said that its board of directors will meet on November 29 to discuss the ZAICF proposal. The emergence of the two new shareholders comes just a day after Envair informed the stock exchange that it received a letter of intent from the mainland's An Hong Shenzhen firm to supply two million barrels of light crude oil on a monthly basis for the next sixty months. It is understood that the two China nationals bought the shares yesterday via a series of off-market trades. They bought the shares at between 27.3 sen a share and 35 sen apiece. Some 16 million Envair shares were traded in the off-market yesterday. Envair closed yesterday at 41.5 sen a share, just 1 sen short of its highest close in four years. Envair shares have risen more than 230 per cent since late July after it appointed Mohd Anuar Mohd Hanadzlah, a former oil and gas executive as its executive director. One of the first things which Mohd Anuar did since getting appointed was to engineer the signing of a joint marketing agreement with Resscom Petroleum Sdn Bhd, which has a licence from Petronas to procure diesel and other oil and gas lubricants.