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Tuesday, May 6, 2014

More than 4% of PDZ shares traded off-market (Edge)

Some 37.3 million shares in PDZ Holdings Bhd, representing a 4.3% stake in the container shipping company, changed hands off-market yesterday in blocks of at least 230,000 shares.

The single largest block, comprising 27.8 million shares or 3.2% of the company, traded for 18.5 sen apiece, Bloomberg data showed. The price was 23.3% above yesterday’s open market intraday high of 15 sen and 30% higher than the open market price of 14 sen at the time of trade (4.36pm).

PDZ has not yet disclosed the details of the transaction to the local bourse.

Pelaburan Mara Bhd is the only substantial shareholder in the company, holding a 26.83% stake. The investment and asset management arm of Majlis Amanah Rakyat (Mara) emerged as the single largest shareholder on April 24 when it bought the 26.83% stake, or 233.25 million shares, in the loss-making company for RM41 million, or an average price of 17.6 sen apiece.

PDZ’s former chairman Tan Sri Datuk Tan Hua Choon ceased to be a substantial shareholder of the company when he sold his 19.13% direct stake to Pelaburan Mara.

PDZ shares closed 3.45% lower to 14 sen yesterday.

Meanwhile, other noteworthy off-market trades yesterday (in blocks of at least 230,000 shares) included a 2.31% stake in Bio Osmo Bhd and a 1.91% stake in 1 Utopia Bhd. Additionally, group chief executive officer and single largest shareholder Datuk Low Eng Hock disposed of a block of seven million shares, or a 1.57% stake, in Ivory Properties Group Bhd off-market.

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