PDZ confirms Edge’s report that Robert Tan plans to divest his shares

by **Cals** Tue 22 Apr 2014, 19:54

Business & Markets 2014

Written by Ho Wah Foon of theedgemalaysia.com

Tuesday, 22 April 2014 18:08

KUALA LUMPUR (April 22): PDZ Holdings Bhd confirmed a report in The Edge Financial Daily today that Tan Sri Robert Tan Hua Choon is selling off a block of shares in the company.

“The board of directors wishes to announce that Tan Sri Datuk Tan Hua Choon has confirmed that he is holding talks with some parties with the view of divesting his shareholdings in the company,” said PDZ in a filing with Bursa Malaysia.

The Edge Financial Daily today reported there is fresh speculation that small cap king Tan Sri Robert Tan Hua Choon is selling off a block of shares in shipping outfit PDZ Holdings Bhd.

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.

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.

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.