PDZ falls on Efogen stake purchase extension

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KUALA LUMPUR (Sept 18): PDZ Holdings Bhd fell 1.5 sen or 4.84% in morning trades, on the back of news that it had requested for a third extension to buy a stake in oil & gas vessel service provider Efogen Sdn Bhd.

At 11.30 am, the stock was trading at 29.5 sen with 160 million shares changing hands. It opened at 31 sen.

Yesterday, PDZ requested a 10-day extension until Sept 24 to complete the stake acquisition, which was to mark its maiden venture into the oil & gas industry.

The company first announced in May that it planned to acquire 20% of Efogen from its founder Johany Jaafar for a total of RM18 million. Johany holds 40% in Efogen, and the remainder is held by Tan Sri Abdul Rashid Abdul Manaf, who is also chairman for Eco World Development Group Bhd.