PDZ’s largest shareholder exits group

PDZ’s largest shareholder exits group
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KUALA LUMPUR (July 8): PDZ Holdings Bhd's largest shareholder Pelaburan Mara Bhd has disposed of its entire shareholding of 50.62 million shares or a 5.71% stake in the company.

In a filing with Bursa Malaysia today, PDZ said the disposal of the shares was done in the open market on July 3.

Meanwhile, PDZ shares were heavily traded today, with its price jumping 11.5 sen or 127.78% to 20.5 sen, giving it a market capitalisation of RM181.75 million.

The counter saw a record 1.33 billion shares changing hands, making it the day’s top active counter on Bursa Malaysia.

The shares, which were trading at three sen apiece at end-2019, have been climbing since the group returned to the black in its first quarter ended March 31, 2020 with a net profit of RM130,000, compared with a net loss of RM437,000 a year earlier.

PDZ is involved in the container liner business. According to its website, it operates six vessels that cover domestic and regional trade between Malaysia, Brunei, Singapore and Myanmar.

Read also: PDZ spikes as trading volume surges to a record high of over one billion shares