On behalf of the Board of Directors of DNeX, MIDF Amanah Investment Bank Berhad wishes to announce that DNeX has on 26 August 2020 entered into a heads of agreement (“HOA”) with Ping Petroleum Limited (“Ping”), for DNeX to make an offer through Ping, to acquire the remaining equity interest in Ping not currently owned by DNeX (“Proposal”). Ping is a 30% owned indirect associate company of DNeX via DNeX Energy Sdn Bhd. The HOA is not legally binding and is subject to the signing of the definitive Share Sale and Purchase Agreement (“SPA”).

Please refer to attachment below for further details of the HOA.

This announcement is dated 26 August 2020.