4th January 2019
EP Report
Dagang Nexchange Bhd (DNeX) plans to sell its 51% stake in Forward Energy Sdn Bhd (FESB) to FESB managing director Datuk Azmi Abdullah for a nominal sum of RM1.
Azmi and his wife Datin Zarinah Md Shariff now have 42.33% in FESB, which is mainly in the independent power producer (IPP) business.
DNeX at the same time is acquiring a 100% interest in Forward Energy Generation Ltd (FEGL) from Labuan-incorporated Forward Energy Ltd for RM6.69 million. Part of the proceeds would be used to offset the RM11.01 million that is owed by FESB to DNeX.
FEGL owns 7.6% in a Bangladesh-based company involved in the development of an IPP, which commenced operations in November 2017.
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