DNeX on asset acquisition overdrive

Dagang NeXchange Bhd (DNeX) group managing director Datuk Seri Syed Zainal Abidin Syed Mohd Tahir says the group is looking at acquiring two marginal oil fields.

Dagang Nexchange Bhd (DNeX), which ventured into the oil and gas (O&G) business following the 2014 oil market collapse, intends to use the current market conditions to its advantage.

By leveraging the very same company it wanted to dispose of two years ago, DNeX hopes to ride on the expected recovery in crude oil prices through asset acquisitions and increased production. Just a week earlier, the group proposed to purchase an additional 60% stake in Ping Petroleum Ltd, an upstream O&G company with eight producing oil wells in the North Sea, United Kingdom, at a 40% discount to market valuation.