PDZ plans to expand into Indonesia via joint venture

PETALING JAYA: PDZ Holdings Bhd, which is currently undertaking a rights issue to raise RM43mil, plans to expand into the Indonesian maritime logistics solutions market through a joint venture.

In a filing with Bursa Malaysia yesterday, PDZ said it had entered into a memorandum of understanding with PT Indonesia Bulk Carrier (IBC) to collaborate on the provision of maritime logistics solutions for the Malaysian and Indonesian shipping industries.

“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,” said PDZ chief executive officer-cum-executive director Tan Chor How in a statement.

Tan said negotiations were ongoing with the IBC Group to participate in the container liner business in Indonesia, as well as dry bulk transportation deals.

“Indonesia offers tremendous potential growth for sea transportation, as it is located among some of the world’s busiest sea lanes.

“In addition, the Asean region plays an important role in the global maritime transportation sector, all of which is expected to contribute positively to PDZ’s profits,” said Tan.

PDZ is currently undertaking a rights issue with free warrants to raise up to RM43mil to support its regional business expansion, including the acquisition of vessels, container tugs and barges, dry docking expenditure, containers and working capital.

“With this strong business sentiment worldwide, we at PDZ believe that 2018 is the best time to expand our services. We are optimistic that 2018 will be a very fruitful year for our company, and we don’t want to miss the boat,” Tan said.

Investment , Business , PDZ


Across The Star Online