KUALA LUMPUR (Dec 20): Dagang Nexchange Bhd (Dnex) has proposed to dispose of its 51% stake in Forward Energy Sdn Bhd (FESB) to FESB managing director Datuk Azmi Abdullah for a nominal sum of RM1.

Azmi and his wife Datin Zarinah Md Shariff already control 42.33% of FESB, which is primarily engaged in the independent power producer (IPP) business.

Dnex at the same is also acquiring a 100% interest in Forward Energy Generation Ltd (FEGL) from Labuan-incorporated Forward Energy Ltd for RM6.69 million.

Part of the proceeds would be used to offset the RM11.01 million that is owed by FESB to Dnex.

FEGL owns a 7.6% interest in a Bangladesh-based company involved in the development of an IPP, which commenced operations in November 2017.

Dnex said it wants to exit FESB, as the firm’s operating and other expenses amount to RM2 million annually.

Dnex’s share price closed one sen or 4.76% lower at 20 sen, with 8.84 million shares traded. Its market capitalisation stands at RM369.18 million.