Friday, June 25, 2010

Bursa Securities approves Petra Perdana shares placement to Nam Cheong

KUALA LUMPUR: PETRA PERDANA BHD [] has received Bursa Malaysia Securities Bhd's approval to place out 10% of its paid-up share capital to Nam Cheong Dockyard Sdn Bhd.

It said on Friday, June 25 that it would still need shareholders' approval at the June 28 AGM.

Petra Perdana decided to place out the placement shares to Nam Cheong as it was a potential strategic investor which could benefit the company in the long-term.

The upside for the placement exercise was that Nam Cheong has access to shipyard capacity in Malaysia and in China which Petra Perdana could utilise for its current fleet requirements and future expansions.

"With Nam Cheong as a strategic investor, Petra Perdana may capitalise on the relationship to gain priority access to these shipyards," it said.

It added that it could potentially leverage on the strength of Nam Cheong to tap into more lucrative business segment of vessels of the offshore marine industry.

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