KUALA LUMPUR (Dec 21): Dagang Nexchange Bhd (Dnex) shares fell 2.50% in active trade this morning after it 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.

At 9.30am, Dnex fell 0.5 sen to 19.5 sen with 5.14 million shares traded.

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

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.