PETALING JAYA: Dayang Enterprise Holdings Bhd
(Dayang) has entered into a joint venture agreement with Brunei-based Petrokon Utama Sdn Bhd (PUSB) to pursue opportunities in Brunei's oil and gas (O&G) sector, as part of the former’s strategy to expand its regional presence and strengthen its participation in maintenance, turnaround and construction activities.
In a bourse filing on Tuesday, the (O&G) services provider said its wholly owned subsidiary, Dayang Enterprise Sdn Bhd (DESB), signed the Joint Venture & Shareholders' Agreement with PUSB on May 27, 2026.
Under the agreement, the parties will establish a joint venture company in Brunei, proposed to be named Petrokon Dayang Corporation Sdn Bhd, subject to approval by the relevant authorities. The new company will be equally owned by DESB and PUSB, with each holding a 50% stake.
The joint venture will have an initial paid-up capital of 100,000 Brunei dollars.
Dayang said the collaboration is intended to undertake a maintenance, turnaround and construction project in Brunei that is currently under a competitive tender process.
The joint venture arrangement remains subject to the fulfilment of several conditions precedent, including the incorporation of the joint venture company and the successful award of the project.
As part of the governance structure, DESB will have the right to appoint up to two directors to the board of the joint venture company. One of its nominated directors will also serve as chairman of the board.
DESB is principally involved in offshore topside maintenance services, minor fabrication works, hook-up and commissioning services, as well as other support services for the oil and gas industry. PUSB, meanwhile, is a Brunei-incorporated company engaged in engineering, maintenance, construction and related support services for the country's oil and gas sector.
Dayang said the partnership would allow the group to enhance its strategic footprint in Brunei by working alongside an established local player with experience in the market.
“The proposed joint venture enables the Dayang Group to strengthen its strategic presence in Brunei Darussalam and enhance its capability to participate in maintenance, turnaround, and construction activities through collaboration with an established local Brunei partner,” the company said.
The group added that the collaboration is expected to complement its existing expertise and support its longer-term growth ambitions within the regional oil and gas industry.
Dayang said the joint venture agreement is not expected to have any material impact on the group's issued share capital or the shareholdings of its substantial shareholders. It also does not expect any material effect on earnings per share, net assets per share or gearing for the financial year ending Dec 31, 2026.
The company noted that it does not foresee any exceptional risks arising from the arrangement beyond the normal operational and execution risks associated with joint venture projects. It said prudent monitoring and operational controls would be maintained over the venture's activities.
The execution of the agreement does not require approval from DEHB shareholders or any Malaysian regulatory authorities, as the applicable percentage ratios under Bursa Malaysia's Main Market Listing Requirements do not trigger such requirements.
Dayang also stated that none of its directors, major shareholders or persons connected to them has any direct or indirect interest in the joint venture agreement.
The group said it believes the agreement is in the best interests of the company.
