Kuala Lumpur, 18 August 2016 – Arcadia Acres Sdn Bhd has acquired 123,780,000 Dagang NeXchange Berhad (“DNeX”) shares at 25 sen each and 136,467,638 warrants at 1 sen each from Censof Holdings Berhad.
Arcadia Acres Sdn Bhd is an investment holding vehicle, which is 78.0 per cent owned by Encik Zainal Abidin Jalil, Group Managing Director of DNeX and 22.0 per cent owned by Encik Wan Azryn Wan Ab Rashid, Chief Executive Officer of a subsidiary of DNeX, DNeX Oilfield Services Sdn Bhd.
Post-acquisition, Arcadia Acres’ stake in DNeX will increase to 11.5 per cent from 4.2 per cent earlier.
According to Zainal, the move reflects sheer confidence of key management team members of DNeX in the Group’s long-term plans.
“We believe this is the right step forward in aligning the interest of the key management team members with the Group’s long-term plans,” he said.
DNeX is completing a strategic transformation into a two core business namely Energy, and IT and e-services embracing an entrepreneur-driven culture anchored by an asset light and know-how intensive business approach, he said.
“Now that the fund-raising exercise and energy acquisitions have been completed, the Group is taken to a whole new level. From a personal perspective, I am excited of this new beginning to be working alongside our new shareholders to complement each others’ capabilities in transforming DNeX into a fast-growing company that delivers long-term shareholder value,” he added.
The OGPC Group vendors namely Azman Karim, Khoo Kok Seng and Abdul Manaf Shariff collectively own a 21.3 per cent stake as a result of the issuance of new DNeX shares as part consideration of DNeX’s acquisition of OGPC Group.
DNeX’s transformation plan is showing results with recently posting strong set of financial results for the second quarter ended 30 June 2016 (“2Q 2016”). Censof Holdings Berhad remains the single largest shareholder of DNeX with a 21.3 per cent stake.