Dagang NeXchange Bhd (DNeX) emerged as the most actively traded stock on Bursa Malaysia in the session earlier today after the company announced its latest acquisition plan last week.
At 9.45am, the stock price rose 15 sen to 27.5 sen, with 78.70 million units changing hands.
Last Friday, DNeX announced that it had entered into a conditional sale and purchase agreement (SSPA) with other shareholders of Ping Petroleum Ltd to purchase 60% of DNeX-owned Ping-issued share capital at US $ 78 million (RM314.3 million).
Bernama reported that DNeX currently owns a 30% stake in oil and gas company incorporated in Bermua, Ping, through DNeX Energy.
“Ping is a strong investment, always making a profit, generating positive operating cash flow and no debt with a good balance sheet.
"The deal also supports DNeX's strategy to strengthen its position in the upstream oil and gas business, which can be improved from time to time," Group Managing Director Datuk Seri Syed Zainal Abidin Syed Mohamed Tahir said in a statement last Friday.
