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Friday, April 25, 2014

Tan Hua Choon sells total shareholding in PDZ (Edge)

Tan Sri Datuk Tan Hua Choon had disposed his entire shareholding of 166.3 million shares equivalent to 19.13% stake in PDZ Holdings Bhd to Pelaburan Mara Bhd.

According to a statement to Bursa Malaysia, Pelaburan Mara now owns a total of 233.25 million shares or 26.83% stake in the company.

The Edge Financial Daily, quoting a source familiar with the matter, reported that Pelaburan Mara was expected to bring in a new business to PDZ.

“The new business will most likely be related to the oil and gas (O&G) sector and is expected to arrest the current losses faced by PDZ’s container shipping business.

“Pelaburan Mara is looking at buying O&G assets that will be injected into PDZ, transforming the shipping company into an O&G service provider,” said the source.

He said this would amount to a business revival for PDZ as it enters a new market with more opportunities.

“Pelaburan Mara may be looking at a number of areas in the O&G sector, which includes offshore services, hook-up and commissioning as well as engineering, procurement, construction, installation and commissioning (EPCIC),” he pointed out.

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