DAGANG NeXchange Bhd (DNeX) has announced the appointment of Dr Bob Wei-Ming Chen and Datuk Robert Fisher to its board of directors with effect from today (June 22).
Chen will serve as non-independent non-executive director while Fisher will serve as independent non-executive director of DNeX.
“Their appointments will add significant experience and expertise to support the transformation and future growth of DNeX,” commented DNeX group managing director Tan Sri Syed Zainal Abidin Syed Mohamed Tahir.
“Chen is expected to lend his expertise in the turnaround efforts of SilTerra Malaysia Sdn Bhd while Fisher will bring his international upstream oil and gas (O&G) experience to assist in the transformation of Ping Petroleum Ltd.”
Chen currently serves as vice president (VP) and head (semiconductor business group) of Hon Hai Technology Group which is also known as Foxconn.
He joined Hon Hai Technology Group as VP and special assistant to founder Terry Guo in 2017.
Recall that on June 14, Foxconn Singapore Pte Ltd, a subsidiary of Hon Hai Precision Industry Co Ltd, has emerged as a substantial shareholder of DNeX with a 5.03% stake.
The emergence of Hon Hai Precision Industry Co Ltd or Foxconn Technology Group as a 5.03% shareholder in DNeX gives rise to an interesting partnership in the company which is in the midst of taking over SilTerra Malaysia Sdn Bhd.
DNeX is taking up a 60% stake in SilTerra while Beijing CGP Fund is taking up the remaining 40% in the semiconductor wafer manufacturing plant. The total acquisition cost is RM273 mil.
Taiwan-based Foxconn was one of the bidders for SilTerra and had put in the highest price. It did not win probably as some quarters contended that the company should remain Malaysian-owned.
On June 18, DNeX received approval from shareholders at its extraordinary general meeting (EGM) for the company’s proposed acquisition of an additional 60% stake in Ping Petroleum Ltd not owned by DNeX for US$78 mil (RM314.3 mil). Upon completion of the exercise, DNeX will own 90% of Ping.
Meanwhile, Fisher who has some 45 years of experience in the O&G industry was chairman and managing director of the ExxonMobil Subsidiaries in Malaysia from 2003 until 2006 where he oversaw all aspects of ExxonMobil’s business, including managing relationships with the Malaysian Government, joint ventures, Bursa Malaysia and stakeholders.
His significant accomplishments include – on behalf of the ExxonMobil/PETRONAS Carigali joint venture – successfully developing the unprecedented Gas Production Sharing Contract, executed with PETRONAS in 1998 which anchors reliable natural gas supply for the nation until today.
At the close of today’s morning session, DNeX was up 1 sen or 1.2% to 84 sen with 30.87 million shares traded, thus valuing the company at RM2.02 bil. – June 22, 2021
