Dayang Enterprise eyes O&G, engineering projects in Melaka via collaboration

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KUALA LUMPUR (March 13): Sarawak-based oil and gas (O&G) player Dayang Enterprise Holdings Bhd plans to work with Melaka's development state agency and privately held firm Main Velocity Sdn Bhd to explore and operate projects relating to O&G, energy, engineering and civil works, construction and development in Melaka.

In a filing with Bursa Malaysia today, Dayang said its wholly-owned subsidiary Dayang Enterprise Sdn Bhd has entered into a memorandum of understanding (MoU) with Perbadanan Kemajuan Negeri Melaka's unit PKNM Energy Sdn Bhd and Main Velocity for the collaboration.

Under the MoU, PKNM Energy will assist in procuring local resources involved with the related projects and supervise and monitor the planning and progress of the proposal to the related projects to ensure its materialisation.

Dayang, meanwhile, will be responsible for the business strategy and to obtain the approvals, licenses, permits and other matters pertaining to the related projects while Main Velocity will undertake and be responsible as the business development strategist, business coordinator and for the deliverables of the related projects. 

The MoU will remain in force for six months.

"The MoU will not have any effect on the group's earnings per share, net assets per share, gearing, share capital and substantial shareholders’ shareholdings for the financial year ending Dec 31, 2019," said Dayang.

At 3.10pm, Dayang shares were up one sen or 0.61% at RM1.66, with 29.41 million shares done, bringing a market capitalisation of RM1.59 billion.