PDZ aborts plan to buy 20% stake in Efogen

 PDZ Holdings Bhd has cancelled its plan to purchase a 20% stake in Efogen Sdn Bhd.

The company had said the proposed acquisition was its first step towards its plan to grow its present core business in the container liner, shipping and shipping management services business into providing offshore supply vessel services to the oil and gas (O&G) industry.

In an announcement, the shipping company said it had mutually agreed to terminate the conditional share acquisition agreement with the seller, Johany Jaafar, after the timeline for the agreement was extended for three times.

PDZ had signed the conditional agreement on May 14 to acquire the 20% stake in the offshore support vessel provider for RM18mil.

Johany owns 40% in Efogen while the balance stake is held by Tan Sri Abdul Rashid Abdul Manaf.

PDZ’s stock closed 0.5 sen higher at 31 sen yesterday, with 32.7 million shares changing hands.