Pelaburan Mara disposes of half its stake in PDZ

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KUALA LUMPUR (Sept 08): Pelaburan Mara Bhd, which became a major shareholder of PDZ Holdings Bhd in April, is disposing of half of its stake in the shipping company to Megalink Industries Sdn. Bhd.

Announcing the share sale in a filing with Bursa Malaysia, PDZ Holdings said Pelaburan Mara signed an agreement with Megalink today for the sale of 128,024,335 PDZ shares, representing ay 14.73% stake.

Upon completion of the agreement, Pelaburan Mara’s stake in PDZ will be reduced to 128,024,335 shares, or 14.73%.

Meanwhile, Megalink will emerge as a new substantial shareholder with a 14.73% stake.

PDZ was the most actively-traded counter on Bursa Malaysia this morning. At the midday break, the stock was 1.5 sen or 4.41% higher at 35.5 sen, with some 211.44 million shares traded.

PDZ announced in April that Pelaburan MARA Bhd had bought a 233.248 million shares in the company, reportedly from businessman Robert Tan Hua Choon and parties linked to him.

Pelaburan Mara subsequently increased the number of shares it held in PDZ, but brought down its stake to 256.048 million shares on Aug 11, after disposing of 5 million shares in the market at 22.5 sen per share.