PDZ Holdings diversification into oil & gas aborted

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.