DNeX raises eyebrows with U-turn on Ping

It is worth noting at this point that some management changes have taken place at DNeX since the beginning of this year, including involving its ex-group managing director Zainal Abidin Abd Jalil, (pic) who has been redesignated to a smaller role of non-independent non-executive director from executive director in February, and the non re-election of Datuk Samsul Husin, DNeX’s former deputy executive chairman, to the DNeX board in June.

Dagang Nexchange Bhd’s (DNeX) U-turn decision on wanting to own the entire stake instead of exiting from an oil and gas associate has raised eyebrows.

The group has come on record numerous times in the past to say it wants to sell its 30% stake in Bermuda-incorporated Ping Petroleum Ltd for at least RM250mil.