PETALING JAYA: Dayang Enterprise Holdings Bhd has entered into a joint venture (JV) agreement with Brunei-based Petrokon Utama Sdn Bhd (PUSB) to pursue opportunities in Brunei’s oil and gas (O&G) sector.
The move is part of Dayang’s strategy to expand its regional presence and strengthen its participation in maintenance, turnaround, and construction activities.
In a filing with Bursa Malaysia yesterday, the O&G services provider said its wholly owned subsidiary Dayang Enterprise Sdn Bhd (DESB) signed the JV and shareholders’ agreement with PUSB on May 27, 2026.
Under the agreement, the parties will establish a JV company in Brunei, proposed to be named Petrokon Dayang Corp Sdn Bhd, subject to approval by the relevant authorities.
The new company will be equally owned by DESB and PUSB. Moreover, the JV 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 JV arrangement remains subject to the fulfilment of several conditions precedent, including the incorporation of the JV 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 JV 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 O&G industry.
On the other hand, PUSB is a Brunei-incorporated company engaged in engineering, maintenance, construction and related support services for the country’s O&G sector.
“The proposed JV 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 further noted.
Dayang added that the JV 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 the earnings per share, net assets per share or gearing for the financial year ending Dec 31, 2026.