Pasdec shares to be suspended today pending material announcement

KUALA LUMPUR (July 3): Trading of shares in Pasdec Holdings Bhd, a 37.2%-owned unit of Pahang State Development Corp, will be suspended today pending the release of a material announcement.

In a filing with Bursa Malaysia yesterday, the Kuantan-based property developer said the stock exchange regulator has approved its request for the 9am-5pm suspension.

The group returned to the black in the financial year ended Dec 31, 2017 (FY17), posting a net profit of RM6.5 million compared to a net loss of RM22.76 million in the previous financial year, on the back of a 17% increase in revenue to RM143.73 million from RM122.84 million in FY16.

However, Pasdec slipped back into the red in the first quarter ended March 31, 2018 (1QFY18), with a net loss of RM3.63 million from a net profit of RM1.39 million a year ago, as revenue fell 20.1% to RM26.09 million from RM32.63 million.

Another major shareholder of Pasdec is its non-independent non-executive director Datuk Seri Tew Kim Thin, who holds a 28.3% stake in the group.

Pasdec shares closed up 8.5 sen or 22.08% at 47 sen yesterday, with a market capitalisation of RM138.41 million. The stock has fallen 25% over the past year.