DNeX raises stake in Ping Petroleum to 90% in RM314mil deal

KUALA LUMPUR: Dagang Nexchange Bhd (DNeX) said it will pay RM314mil (US$78mil) for an additional 60% stake in Ping Petroleum Ltd, raising its stake in the oil and gas company to 90%.

The company today entered into a share sale and purchase agreement with a group of vendors to acquire the stake for a combination of US$40mil cash and the issuance of 360 million new shares.