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Robert Tan to sell shares in PDZ?

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Robert Tan to sell shares in PDZ? Empty Robert Tan to sell shares in PDZ?

Post by Cals Tue 22 Apr 2014, 19:47

Robert Tan to sell shares in PDZ?
Business & Markets 2014
Written by Shalini Kumar of theedgemalaysia.com   
Tuesday, 22 April 2014 10:22

KUALA LUMPUR: Speculation of small cap king Tan Sri Robert Tan Hua Choon selling off a block of shares in shipping outfit PDZ Holdings Bhd has resurfaced again.

Closing at 16 sen yesterday, PDZ’s share price rose 33% from 12 sen early this month, with active volume. The stock’s price has also doubled since the beginning of this year. However, it is worth noting that PDZ’s market capitalisation, even after the strong rally, is only RM139.1 million.

According to PDZ’s 2013 annual report, Tan’s shareholding as at Oct 21, 2013 stood at 19.13%. The stake is worth RM26.8 million based on the stock’s closing of 16 sen yesterday.

It was reported that several parties, including Efogen Sdn Bhd, were interested in buying Tan’s block of shares.

Market talk is that PDZ would transform from a container shipping firm into an oil and gas player, via the injection of Efogen’s O&G assets.

However, in February, The Edge Financial Daily reported that talks of a reverse takeover between PDZ and Efogen had stalled.

Efogen’s shareholders include Tan Sri Abdul Rashid Abdul Manaf, who has a 21% stake, GMV-Efogen Sdn Bhd (65%) and Johany Jaafar (14%). GMV-Efogen is wholly owned by Global Maritime Ventures Bhd, a shipping fund under Bank Pembangunan Bhd.

For the second quarter ended Dec 31, 2013, PDZ posted wider net losses of RM3.35 million, from RM419,000 in losses in the previous corresponding period. Revenue decreased to RM38.13 million, from RM53.48 million.

For the six-month period, PDZ recorded RM2.57 million in net losses, from RM684,000 in losses previously. Revenue was lower at RM81.73 million, from RM106.86 million.

Tan has a stable of companies dealing in various businesses.


This article first appeared in The Edge Financial Daily, on April 22, 2014.
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