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Hot Stock PDZ falls 10% after terminating Efogen deal

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Hot Stock PDZ falls 10% after terminating Efogen deal Empty Hot Stock PDZ falls 10% after terminating Efogen deal

Post by Cals Mon 29 Sep 2014, 22:05

Hot Stock PDZ falls 10% after terminating Efogen deal
Business & Markets 2014
Written by Chong Jin Hun of theedgemalaysia.com   
Monday, 29 September 2014 10:29

KUALA LUMPUR (Sept 29):  PDZ Holdings Bhd fell as much as 10% after the shipping firm terminated plans to acquire an associate 20% stake in oil and gas (O&G) support services provider Efogen Sdn Bhd. The move was deemed a crucial platform to help PDZ diversify into the O&G sector .

At 10.27am, PDZ was traded at 29.5 sen with some 52 million shares done. The bourse's third most-active stock had earlier fallen as much as three sen to 28 sen. 

For comparison, the FBM KLCI declined 0.04%. 

Kenanga Investment Bank Bhd wrote in a note today that PDZ's share price's immediate support and resistance were seen at 30 sen and 31 sen respectively.

Last Friday, PDZ said it had terminated the share acquisition agreement for the planned purchase of the 20% stake in Efogen for RM18 million cash from Johany Jaafar. The termination was effective a day earlier (Sept 25).

PDZ had initially announced the planned acquisition in May this year. Johany owns 40% in Efogen while Tan Sri Abdul Rashid Abdul Manaf holds the remaining 60%.
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