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,KUALA LUMPUR: Pegasus Height Bhd, which is involved in property, trading and F&B business, is exploring a potential joint venture with glove maker WRP Asia Pacific Sdn Bhd. The loss-making firm told Bursa Malaysia today that it is considering to inject RM100mil cash for a 49% stake in the proposed joint venture. "The execution of Heads of Agreement (HOA) is to explore a business collaboration opportunity for Pegasus Height and its subsidiaries to venture into the Gloves Business," it said. The HOA with WRP, Pegasus Height said, was executed purely to allow both parties to to negotiate and finalise the terms and conditions of the proposed joint venture. Pegasus Height said it plans to provide RM100mil cash for its 49% stake in the proposed joint venture, while WRP will contribute RM105mil in assets for its majority 51% equity interest, As of end of September, Pegasus Height has narrowed its 9-month losses to RM6mil on revenue of RM49.2mil. In December, it has proposed to place out new shares to raise as much as RM80mil.
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