Dagang Nexchange buys 30% in Ping Petroleum

PETALING JAYA: E-commerce service provider Dagang Nexchange Bhd (DNeX) is acquiring 30% in Bermuda-incorporated Ping Petroleum Ltd, an independent company that deals in shallow water offshore production, for US$10mil (RM43.36mil).

In a statement issued yesterday, DNeX said the acquisition, via its unit DNeX Petroleum Sdn Bhd, was in line with the group’s diversification into the oil and gas (O&G), and energy sector, as well as to be a serious player in the industry. The group will use internal funds and borrowings to fund the cost.