PDZ expands regionally with Indonesian venture

PETALING JAYA: PDZ Holdings Bhd said it has signed a memorandum of understanding (MoU) with an Indonesian shipping company PT Indonesia Bulk Carrier (IBC Group) to provide total maritime logistic solutions, as part of its plans for regional expansion.
“Our focus is to expand our footprint regionally, partnering with a reputable maritime industry leader, who shares the same vision to take advantage of the growing trade in Asean. PDZ has been waiting for a long time to penetrate into the Indonesian shipping market,” its CEO-cum-executive director Tan Chor How said in a statement.
Tan added the partnership with IBC Group opens up the group’s expansion into the Indonesian market and is expected to contribute positively to its profitability with its favourable tax regimes and government initiatives.
With the strong business sentiments worldwide, he said the group believes that 2018 is the best time for the group to expand its services.
“We are optimistic that 2018 will be a very fruitful year for our company and we don’t want to miss the ship,” he said.
The group said the solutions under the partnership will include container liner, bulk cargoes, tug and barge, self-propelled barge, oil and gas support vessels coupled with other related services such as vessel chartering, pooling management, shipping consultancy and crew management.
Meanwhile, PDZ said the group is undertaking a cash call exercise, via a rights issue with free warrants, to raise up to RM43 million to support its regional business.
It said the proceeds will be used for acquisition of vessels, container tug and barge, dry docking expenditure, containers, security deposits, acquisition/investment into other complementary businesses/assets and working capital.
PDZ closed at half a sen lower to 13 sen today with 5.3 million shares traded.