PDZ PROPOSES TO SELL CONTAINER CARRIER

PETALING JAYA: PDZ Holdings Bhd proposes to dispose of a steel full container carrier known as PDZ Megah for RM6.36 million. In a filing with Bursa Malaysia, the company said its 99.9% owned subsidiary Fokus Marine Sdn Bhd had entered into a memorandum of agreement and a supplemental agreement with Harbour-Link Shipping Sdn Bhd for the proposed disposal. PDZ said the proposed disposal is part of its long-term vessel replacement programme to upgrade existing vessels with newer tonnages that are more cost efficient and suitable to the market demand. The company intends to use RM3.5 million of the disposal proceeds for the payment to its creditors and the balance RM1.3 million for its working capital by Dec 31, 2016.