DNeX up 3.5% on bagging RM11.8m supply contract from PetDag

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KUALA LUMPUR (July 18): Shares in Dagang NeXchange Bhd (DNeX) rose 3.5% this morning after it won a contract worth RM11.8 million from Petronas Dagangan Bhd (PetDag) to supply automatic tank gauging (ATG) for Petronas stations.

At 11.28am, DNeX added 1 sen to 29.5 sen for a market capitalisation of RM518.62 million.

In a statement yesterday, DNeX said the contract, awarded to its wholly-owned subsidiary OGPC Sdn Bhd, involves undertaking the supply, installation, testing, commissioning and maintenance of ATG and its accessories for some 200 Petronas stations nationwide.

The contract, which commenced last Friday, is for two years, with an option to extend for another two years.

DNeX said works on the project also include the supply, installation, testing, commissioning and maintenance of the Wetstock Management System connected to ATG and its accessories, as well as relevant hardware, software on cloud-based platforms and cybersecurity systems.

DNeX explained that ATG and its accompanying hardware and software system provide automatic measurement of fuel storage tanks, thus enabling more accurate and improved real-time reading.

See also: DNeX bags supply contract from PetDag worth RM11.8m