Asiabio plans to invest RM42m within three years

PETALING JAYA: Asia Bioenergy Technologies Bhd (AsiaBio) plans to invest RM42 million within three years in startup companies that are involved in green technology, in an effort to return the company to black, said its executive director Steve Tan.
He said the company is looking at investing in renewable energy, solar, food technology, lumber, micro bacterial and recycle businesses.
"We do not give forward looking statement. Our aim is to clear as much possible of some of the legacy in our portfolio. We will go for more commercialise investments that we can see clearer path for profitability," Tan told reporters after the company's AGM here yesterday.
"We will invest in companies that have potential for growth. When we see something interesting then we will make investment. We are a technology incubation fund. We will look at companies we invest in to help them to commercialise their technologies," he added.
AsiaBio is an investment holding company engaged in technology incubation, focusing on bioenergy and biotechnology.
Looi said the company registered a much smaller net loss of RM645,000 for the financial year ended January 31, 2014 compared to a net loss of RM4.394 million in a same period of 2013. This was on the back of revenue of RM3.7 million.
"There are always projects on the table that we go through. We go through a process of reducing or eliminating the risks and then we go to the investment committee and debate (about the potential, risk of investment)," he said.
Currently, he said the company has invested in four active companies.
In June 2014, he said its incubate company Nexfuel Sdn Bhd has entered into an agreement with Malaysian Palm Oil Board for the research and development collaboration on the peeling of oil palm trunk for veneer and lumber production.