PDZ to venture into glove making

Loss-making container shipping firm PDZ Holdings Bhd is planning a scheme to raise as much as RM100mil for its glove manufacturing venture.

In a filing with Bursa Malaysia, PDZ said the proposed diversification was expected to contribute significantly to the group’s future revenue and earnings.

To raise funds for the new business, the company has proposed a corporate exercise.

First, PDZ has proposed to consolidate its existing shares and warrants on the basis of 10 units into one unit.

It will then proceed with the plan to issue new rights shares and free warrants on the basis of six new rights shares and three new warrants for every one consolidated share at a later date.

“The company intends to raise a minimum of RM10mil from the proposed rights issue with warrants to meet the funding requirements, ” it said.

PDZ said it has procured undertakings from executive director and CEO Datuk Christopher Tan Chor How and executive director Ho Jien Shiung to fully subscribe their entitlements and allotments.

Source: The Star