KUCHING: Dayang Enterprise Holdings Bhd has teamed up with Petrokon Utama Sdn Bhd (PUSB) for a proposed joint venture project in the oil & gas industry in Brunei Darussalam.
Wholly-owned subsidiary Dayang Enterprise Sdn Bhd (DESB) and PUSB had entered into a joint venture and shareholders’ agreement for the collaboration.
PUSB is principally involved in the provisions of engineering, maintenance, construction and related support services for the oil & gas industry in the sultanate.
DESB and PUSB shall incorporate a joint venture company in Brunei Darussalam under the proposed name of Petrokon Dayang Corporation or such other name as may be approved by the relevant authorities.
BESB and PUSB will each hold 50 per cent equity interest in the JV company, which will have an initial paid-up capital of BND 100,000, Dayang said in a filing with Bursa Malaysia.
“The joint venture is intended for maintenance, turnaround and construction project which is currently still in a competitive tendering stage, subject to the fulfilment of the conditions precedent set up in the JV agreement.
“The JV agreement shall become effective upon fulfilment of the conditions precedent, including, amongst others, the incorporation of the joint venture company and the award of the project in Brunei Darussalam,” added Dayang.
On the rationale for the proposed joint venture, Dayang said it enables the group to strengthen its strategic presence in Brunei Darussalam and enhance its capability to participate in maintenance, turnaround, and construction activities through collaboration with an established local Brunei partner.
The collaboration is also expected to complement the Dayang group’s existing expertise and support its long-term growth strategy within the regional oil and gas industry.
In a separate filing, Dayang said its substantial shareholder and managing director Tengku Yusof Tengku Ahmad Shahruddin disposed of 1,070,900 shares in the open market on June 4, further reducing his equity interest in the company to about 24.59 million shares (2.124%).
He held 35.32 million shares (3.05%) as at March 31, 2026. On the other hand, Employees Provident Fund Board (EPF) has continued to acquire Dayang shares, the latest with the purchase of 868,900 shares on June 4, raising its shareholdings in Dayang to 145.17 million (12.539 %).
Property developer Naim Holdings Bhd is Dayang’s single largest shareholder with an equity interest of 280.4 million (24.22%).
Meanwhile, Dayang’s subsidiary, Perdana Petroleum Bhd told the local bourse that said it had filed an application pertaining to its proposed share capital reduction to the High Court of Malaya on June 9.
The proposed share capital reduction was approved by Perdana’s shareholders at the extraordinary general meeting (EGM) on May 20.
The exercise involves the cancellation of RM600 million of the company’s issued share capital of RM885.2 million to set off the company’s accumulated losses which stood at RM573.34 million as at December 31, 2025.
According to Perdana, the proposed share capital reduction is to reflect more accurately the company’s value of the underlying assets and financial position as in view of the accumulated losses, a portion of the issued share capital is no longer represented by available assets.
Accordingly the exercise will enable the company to eliminate its accumulated losses and realign its issued share capital with its current financial position.
The move is also to enhance the group’s creditability with its customers, financiers and financial institutions, thus potentially improving access to credit facilities and strengthening relationship with suppliers, investors and other stakeholders.
