KUALA LUMPUR: PDZ Holdings Bhd, whose shares have been among the most active stocks on Bursa Malaysia since the first quarter of this year, today announced its major shareholder Pelaburan Mara Bhd (PMB) has disposed of a 14.73 per cent stake, or half of its stake in the company, to Megalink Industries Sdn Bhd (Megalink).

In a filing to Bursa today, PDZ said PMB had on Monday signed a share sale agreement with Megalink for the sale of 128.02 million PDZ ordinary shares.

"Post-completion of the agreement, the major shareholder’s stake in the company will be reduced to 128.02 million ordinary shares representing approximately 14.73 per cent and the company will see the emergence of Megalink as a substantial shareholder of the company with a 14.73 per cent stake," said PDZ in the statement.

In April, PMB bought a 28 per cent stake in PDZ, mostly from the latter's initial major shareholder Tan Sri Robert Tan.

PDZ swung to a net profit of RM1.9 million compared with a loss of RM10.2 million previously for its fourth quarter ended June 30.

Its new managing director Nazim Rahman, who steered PDZ into the black, was quoted as attributing the achievement to an active “revenue enhancement strategy.”

Nazim, who is also the Group chief executive officer of PMB, said PDZ's improved profitability came about as a result of deploying PDZ's vessels to more profitable routes and aggressive sales and marketing.

Last month, PMB disposed of five million of its PDZ shares at 22.5 sen each and reduced its stake to 256.05 million shares.

PDZ, through its subsidiaries, is engaged in shipping and provision of related services, and operates in three segments -- linear business, non-vessel operating carrier and chartering.

PDZ had been in the news for its active stock trades and speculation of new shareholders to drive the company’s oil and gas thrust.

Market talk earlier reported that veteran corporate player Tan Sri Halim Saad of Sumatec Resources Bhd, an oil and gas exploration and production operator in the making, is possibly PDZ's new key shareholder.

At Bursa Malaysia's closing today, PDZ shares were flat at 34 sen after trading at between 33 sen to 36 sen, with 263.29 million lots changing hands.-- Bernama


Source : NST. 8 Sept 2014