Dagang NeXchange Bhd (DNeX) has finalised the purchase of a further 60 per cent stake in Ping Petroleum Limited, bringing its total stake in the firm to 90 per cent. The acquisition makes Ping Petroleum a wholly owned subsidiary of DNeX. The acquisition is valued at RM314.3 million. The remaining RM149.3 million was covered by a combination of RM165 million in cash and the issuing of new ordinary shares in DNeX and new redeemable preference shares in DNeX Energy.
