The speculation has also been prompted by recent changes in its shareholding, including the emergence of Tanjung Offshore managing director Harzani Azmi as a substantial shareholder in January.
Tanjung is looking for a core business after selling its offshore supply vessel business to Ekuiti Nasional for MYR220m in July 2012.The group has been on the look-out for a shell company for some time and Bio Osmo, which is debt free after having undergone a recent restructuring exercise, fits the bill.
The group, which has been looking for a shell company, partly owns the Sejingkat dockyard which is used to be fully-owned by the Sarawak Economic Development Corp (SEDC), and as such is also close to the state government, the reports said, quoting sources.
They have been on friendly terms with Bio Osmo’s existing owners for some time, and with Bio Osmo's balance sheet now cleaned up after a corporate restructuring exercise, is now ripe for the picking.
Meanwhile Harzani, via private company Al Maurid Resources, had recently acquired a 28% stake in Bio Osmo after taking up 99m shares in the company.
The fabrication assets that could be injected into Bio Osmo consists mainly of a marine engineering dockyard and its related facilities that is sitting on a 20-acre site in the Sejingkat area in Sarawak. It has a repair and maintenance business, as well as substantial fabrication facilities with a capacity of 8,500 tonnes, but upgrading works will double this capacity by next year. Presumably with Tanjung's involvement, it will also have a Petronas licence to bid for contracts.
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