PDZ gets EGM request to remove director, replace auditors

PETALING JAYA: Pelaburan Mara Bhd (PMB), the single largest shareholder in PDZ Holdings Bhd , and another PDZ shareholder have requested for an EGM seeking to remove Aminuddin Yusof Lana as a director of the shipping firm and appoint new auditors.

In a filing with Bursa Malaysia, the loss-making company said PMB and Kua Khai Loon have proposed to remove Aminuddin, who turns 68 on Sunday, as director with immediate effect and appoint Cheng & Co as new auditors to replace PKF for the financial period ending Dec 31, 2016.

The request came as PDZ is trying to diversify into the downstream oil and gas (O&G) business, including the production of liquefied petroleum gas and condensate using gas extracted by Sumatec Resources Bhd from the Rakuschechnoye O&G field in Kazakhstan.

Sumatec is controlled by former Renong boss Tan Sri Halim Saad, whom Aminuddin had worked closely with at several companies.

Aminuddin was appointed to the PDZ board on April 1, 2013 and became group managing director (MD) on Jan 1, 2015. However, he was redesignated as non-executive director on June 30 this year.

He was a director and later group MD of Renong Bhd from 1990 to 1994, and director and group MD of Faber Group Bhd from 1990 to 1994.

He subsequently became Metacorp Bhd MD from 1995 to 1996 and UEM Builders Bhd MD from 2000 to 2003.

PDZ incurred a loss attributable to shareholders of RM60.02mil for the financial year ended June 30, 2015, and continued to post an unaudited loss of RM6.51mil for the 12 months to June 30, 2016 (the company changed its financial year-end to Dec 31, 2016, to align it with that of its biggest shareholder, PMB).

PMB emerged as a substantial shareholder in PDZ in April 2014 through off-market and open-market acquisitions of 26.83% in PDZ. PMB chairman Datuk Sohaimi Shahadan became chairman of PDZ in the same month.

PDZ Holdings Bhd