Dagang NeXchange completed the acquisition of a 60% stake in Ping Petroleum for $78m.

Dagang NeXchange, a Malaysia-based investment holding company, completed the acquisition of a 60% stake in Ping Petroleum, a privately held, independent upstream company, for $78m. "This transaction also supports DNeX’s strategy to further establish its presence in the upstream O&G business, which can be progressively scaled up over time," Datuk Seri Syed Zainal Abidin Syed Mohamed Tahir, DNeX Managing Director.