Translate This Page

Thursday, September 18, 2014

PDZ requests another extension to buy 20% of Efogen

PDZ Holdings Bhd has requested for another extension — its third time — to buy a 20% stake in oil and gas (O&G) vessel service provider Efogen Sdn Bhd, with the extension spanning 10 days to Sept 24.

In a filing with Bursa Malaysia yesterday, PDZ said the third letter of extension for the share acquisition agreement was mutually agreed upon by both the company and seller Johany Jaafar.

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

Container shipping firm PDZ said its entry into Efogen will be its first step into the O&G industry, with the vendor guaranteeing the consolidated net operating profit after tax and minority interest for Efogen’s financial year ending April 30, 2015, will not be less than RM11.74 million.

This article first appeared in The Edge Financial Daily, on September 18, 2014.

No comments: