PDZ’s di­ver­si­fi­ca­tion into oil & gas aborted

The Sun (Malaysia) - - MEDIA & MARKETING -

PE­TAL­ING JAYA: PDZ Hold­ings Bhd has clar­i­fied that the with­drawal of its ap­pli­ca­tion for an ex­ten­sion of time to seek fund­ing was due to the fail­ure of its oil and gas di­ver­si­fi­ca­tion plan.

In a fil­ing with the stock ex­change, the marine trans­port firm said as an agree­ment on the re­vised terms of its gas sup­ply agree­ment could not be reached, it de­cided to al­low the plan to lapse and sub­se­quently to with­draw the pro­posed spe­cial is­sue, rights is­sue with war­rants and is­suance of re­deemable con­vert­ible pref­er­ence shares.

It said the ex­pan­sion plan lapsed on Oct 23, which was the last date granted by Bursa Malaysia Se­cu­ri­ties to im­ple­ment the pro­pos­als.

PDZ had in Novem­ber 2014 en­tered into a frame­work agree­ment with Ken Mak­mur Hold­ings Sdn Bhd for the pro­posed pro­duc­tion of liq­ue­fied petroleum gas and con­den­sate from the nat­u­ral gas supplied by Ken Mak­mur from the Rakushech­noye oil and gas field in Kaza­khstan.

Newspapers in English

Newspapers from Malaysia

© PressReader. All rights reserved.