Robert Tan plans to divest his PDZ shares

by **Cals** Wed 23 Apr 2014, 22:22

Business & Markets 2014

Written by Ho Wah Foon of theedgemalaysia.com

Wednesday, 23 April 2014 10:13

KUALA LUMPUR: PDZ Holdings Bhd confirmed a report in The Edge Financial Daily yesterday 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 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 yesterday 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.

PDZ’s share price closed up 0.5 sen or 3.13% to 16.5 sen yesterday, giving a market capitalisation of RM143.4 million. The stock’s price has 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 RM27.4 million based on the stock’s closing 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.

This article first appeared in The Edge Financial Daily, on April 23, 2014.