PETALING JAYA: Dagang Nexchange Bhd (DNeX) has won a RM88.1mil contract from the Finance Ministry (MoF) to provide maintenance and support services for the government’s accounting system.

       The group told Bursa Malaysia yesterday that its business unit, Innovation Associates Consulting Sdn Bhd (iAC), had on Aug 9 accepted the letter of award for the Integrated Government Financial and Management System (iGFMAS) maintenance contract.

       The contract is valid for a duration of 45 months, commencing from Aug 10, 2021 until May 9, 2025.

       iAC is 60% held via Genaxis Group Sdn Bhd, which in turn is 51% owned by Dagang Net Technologies Sdn Bhd, a wholly-owned subsidiary of DNeX.

       DNeX said iAC, which has completed more than 100 projects in the public and private sectors, was the contractor for the iGFMAS project.

       According to DNeX group managing director Tan Sri Syed Zainal Abidin Syed Mohamed Tahir, (pic) the contract is a testament to the group’s ability to deliver effective digital solutions to the public sector.

       “As a digital solutions provider, we continuously seek opportunities to help customers, either in the public or private sector, enhance operational efficiency and increase their customer experience by strengthening their digital reach.

       “We will be with customers in their digital transformation journey to provide the biggest impact for their operations and business,” he said in a statement.

       Meanwhile, in a separate announcement, DNeX said its third-tier subsidiary PING Petroleum UK Ltd (PING UK) is acquiring the remaining 50% interest in the development of the Avalon Oilfield in the United Kingdom for US$17mil (RM71.72mil) cash.

       In a filing with Bursa Malaysia, DNeX said PING UK had signed a sales and purchase agreement with Summit Exploration and Production Ltd to acquire the stake it did not already own.

       PING UK will pay an initial consideration of US$5mil (RM21.12mil) to the vendor after completion of the transaction and settle the balance sum of US$12mil (RM50.69mil) on a contingent basis upon completion of key project milestones, via a production-linked payment.

       PING UK is a sub-subsidiary of DNeX Energy Sdn Bhd, a wholly owned subsidiary of DNeX.