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Saturday, September 27, 2014

PDZ cancels plan to buy 20% of O&G player Efogen (Edge)

PDZ Holdings Bhd has scrapped a plan to buy a 20% stake in Efogen Sdn Bhd, which the container shipping firm said would open doors for it to enter the oil and gas industry.

In a filing with Bursa Malaysia today, PDZ said both it and vendor Johany Jaafar had mutually agreed to terminate the share acquisition agreement. This came after three rounds of extension to satisfy the conditions of the agreement.

PDZ first announced in May that it plans to buy 20% of Efogen’s shares from founder Johany, for RM18 million in total. Johany holds 40% in Efogen, while the remainder is held by lawyer-turned-entrepreneur Tan Sri Abdul Rashid Abdul Manaf, who is also the Chairman of Eco World Development Group Bhd.

PDZ’s stock was up by half a sen or 1.64% today to close at 31 sen, bringing its market capitalisation to RM269.49 million.

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