Kuala Lumpur: A local liner company PDZ has stopped its chase to take control of an offshore player. PDZ has terminated its RM18m share acquisition agreement for a 20% interest in fellow Malaysian firm Efogen from Johany bin Jaafar.
PDZ cited Efogen’s sliding financial results and its inability to secure decent tonnage as the main reasons to cancel its plans. PDZ was unable to agree on Efogen’s pricing.
PDZ has not given up on its plans to diversify into the offshore sector, noting in a release yesterday that, “the company continues its effort to search for other assets in the oil & gas industry”. [02/10/14]