KUALA LUMPUR (Feb 8): Daya Materials Bhd, which has been scouting for opportunities in Papua New Guinea over the last few years, is firming up a joint venture there with the nation’s oil and gas (O&G) company.
Daya Materials has entered into a Memorandum of Understanding (MoU) with Papua New Guinea’s national O&G company (NOC) Kumul Petroleum Holdings Ltd, it said in a statement today.
“The MoU is intended to reflect the intention of Daya Materials and Kumul Petroleum to participate in O&G projects in Papua New Guinea as a joint venture,” it said, but did not provide additional details on any projects that have been identified.
The MoU, it added, is valid for a year from today.
Daya Materials had been on the lookout for projects in the country since 2016, following the setting up of a subsidiary, Daya PNG Ltd in January that year.
According to Kumul Petroleum’s official website, the NOC — being a legislated State nominee — can always exercise its option for a 20.5% stake in every O&G-related project in the country.
Shares of Daya Materials traded unchanged at eight sen, giving the group a market capitalisation of RM163.44 million.