Kuala Lumpur: A struggling bottled water maker, Bio Osmo, which has recently been saved by the local Sarawak government is all set for a major transformation into an oil and gas infrastructure fabricator, according to local media.
The local government in association with the founer of Tanjung Offshore is keen to inject RM200m worth of oil and gas fabrication assets, primarily a 20 acre dockyard, into the loss-making bottled water company.
In January this year, Harzani Azmi, the managing director of Tanjung Offshore emerged as a substantial shareholder of Bio Osmo. Tanjung Offshore is still without a core business after it sold its offshore supply vessel business to Ekuiti Nasional Bhd in July 2012 for RM220m.
Harzani has acquired a 28% stake in Bio Osmo after taking up 99m shares in the company. [05/05/14]