PETALING JAYA: Dagang NeXchange Bhd (Dnex), through its subsidiary Ping Petroleum Ltd, has acquired a 20% equity stake in TI Exploration & Production Sdn Bhd from TI Petroleum Sdn Bhd, a subsidiary of Terengganu Inc.
In a statement, Dnex noted that the acquisition further expands its energy business.
Dnex pointed out that the acquisition aligns directly with the group’s broader strategy to strengthen its energy portfolio, while building a stronger presence in regional energy opportunities.
“Additionally, the acquisition also offers Ping Petroleum – which is already in Terengganu through the redevelopment of the Abu Cluster – a constructive pathway to further participate in the country’s energy sector alongside a partner that understands the local landscape and supply chain, regulatory framework, and Terengganu’s long-term energy development priorities.”
Moreover, Dnex said the partnership is expected to unlock significant synergies through Terengganu Inc’s strategic positioning as the state’s investment holding company, which manages and monitors all forms of business entities, as well as commercial and investment assets on behalf of the state government.
“With this in mind, TI Exploration & Production – with the support of its two shareholders – will build up its capability and strategic presence in the state to deliver sustainable economic benefits through its business model,” the statement also noted.