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DNeX entering new phase

TheStar Sat, Jun 29, 2019 08:45am - 2 months ago


Dagang NeXchange Bhd (DNeX), a company which has aggressively grown multiple businesses – 23 at last count – but whose latest quarterly results showed a slowdown in earnings, is slated for some interesting changes.

For one, it is poised to reap a windfall from the sale of its block of shares in Ping Petroleum Ltd in which it has a 30% equity interest.

Granted, oil prices are higher now than they were when the company bought the stake, suggesting the possible windfall.

Secondly, the company which is without a managing director (MD) at the moment, is likely to see board changes which may entail the appointment of a new head honcho.

After four years at the helm, former MD Zainal Abidin Jalil announced his resignation in January.

However, he remains as an executive director at the firm.

Meanwhile, in line with the planned disposal of its Ping stake, DNeX is likely to trim down its interests in its varied businesses by focusing on “cutting-edge” technologies.

This is where the story gets interesting.

Sources say that DNeX along with Singapore-listed Silverlake Axis Ltd are the front runners in a bid to buy into Theta Edge Bhd , an information technology company owned by Lembaga Tabung Haji (LTH).

   








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