: Dagang NeXchange Bhd has entered into a conditional share sale and purchase agreement with the other shareholders of Ping Petroleum Limited to acquire an additional 60% stake in Ping not owned by DNeX, for US$78.0 million .
The acquisition is expected to be completed by the end of the second quarter of 2021 subject to all required approvals under the SSPA being obtained. Upon completion of the exercise, DNeX will own 90% of Ping, and this is expected to contribute positively to DNeX’s financial performance. “We are pursuing a growth trajectory that is anchored on pursuing and capturing quality assets at attractive prices during the current downturn and riding on the upturn in the coming years. We are seeing early signs of macro recovery of demand amidst supply discipline, which has resulted in rising Brent crude prices,” he said in a statement today.