Cyberjaya, 9 June 2026 – Dagang NeXchange Berhad (“DNeX”), through its subsidiary Ping Petroleum Limited (“Ping”), has recently acquired a 20% equity stake in TI Exploration & Production Sdn Bhd (“TI EP”) from TI Petroleum Sdn Bhd, a subsidiary of Terengganu Inc.
The acquisition further expands DNeX’s energy business and aligns directly with the Group’s broader strategy to strengthen its energy portfolio while building a stronger presence in regional energy opportunities. Additionally, the acquisition also offers Ping which is already in Terengganu through the redevelopment of the Abu Cluster, a constructive pathway to further participate in the country’s energy sector alongside a partner that understands the local landscape and supply chain, regulatory framework, and Terengganu’s long-term energy development priorities.
Furthermore, the partnership is expected to unlock significant synergies through Terengganu Inc’s strategic positioning as the state’s investment holding company, which manages and monitors all forms of business entities, as well as commercial and investment assets on behalf of the state government.
With this in mind, TI EP – with the support of its two shareholders – will build up its capability and strategic presence in the state to deliver sustainable economic benefits through its business model.
Both parties organised a document exchange ceremony in Kuala Lumpur earlier today after the conclusion of DNeX’s 55th Annual General Meeting. DNeX was represented by its Chairman Tan Sri Dato’ Sri Haji Syed Zainal Abidin Syed Mohamed Tahir, accompanied by Senior Vice President Development & Operations Ping Petroleum Sdn Bhd Muhamad Azhar Md Zain. Representing Terengganu Inc was its President & Group Chief Executive Officer also, Board Member of TI Petroleum Dato’ Burhanuddin Hilmi bin Mohamed @ Harun, accompanied by Vice President/Head of Petroleum Cluster Noor Tuah Jaafar.
Tan Sri Dato’ Sri Haji Syed Zainal Abidin Syed Mohamed Tahir, Chairman of DNeX said, “This acquisition is a key step forward for DNeX Energy as we expand our footprint in our home market. By combining our technical capabilities with TI EP’s strategic positioning, we are not only unlocking immediate opportunities but also establishing a strong foundation for future growth in Malaysia’s upstream sector.”
Dato’ Burhanuddin Hilmi bin Mohamed @ Harun, President & Group Chief Executive Officer of Terengganu Inc and Board Member of TI Petroleum said, “We are pleased to partner with DNeX and Ping Petroleum in developing TI EP as a credible upstream investment platform. This collaboration further strengthens Terengganu’s participation in the oil and gas sector, while supporting our aspiration to create sustainable value and long-term economic benefits for the State.”