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MyCC imposes RM10.3 million fine against Dagang Net

KUALA LUMPUR (Feb 26): The Malaysia Competition Commission (MyCC) has fined Dagang NeXchange Bhd unit Dagang Net Technologies Sdn Bhd (Dagang Net) a total of RM10.3 million for the abuse of its dominant position by engaging in exclusive dealing.
Dagang Net is the government’s sole service provider in the provision of online trade facilitation services for Sistem Maklumat Kastam under the National Single Window (NSW).
The NSW is an electronic-based ecosystem that enables customs related documents and transactions to be transferred electronically between the trading communities and regulatory authorities in Malaysia via a single point of entry.
In a statement today, MyCC said after a thorough investigation and due process, MyCC found that Dagang Net had infringed Section 10(1) of the Competition Act 2010 by engaging in exclusive dealing through the imposition of exclusivity clauses on software providers of the NSW from October 2015 to November 2017. ....

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DNeX on asset acquisition overdrive

(DNeX), which ventured into the oil and gas (O&G) business following the 2014 oil market collapse, intends to use the current market conditions to its advantage.
By leveraging the very same company it wanted to dispose of two years ago, DNeX hopes to ride on the expected recovery in crude oil prices through asset acquisitions and increased production. Just a week earlier, the group proposed to purchase an additional 60% stake in Ping Petroleum Ltd, an upstream O&G company with eight producing oil wells in the North Sea, United Kingdom, at a 40% discount to market valuation.
Via this company, DNeX plans to acquire more marginal oil fields in the North Sea, Malaysia and within the region, from oil majors exiting such assets. It is noteworthy that DNeX announced a plan in 2019 to sell its 30% stake in Ping at a valuation of at least RM250mil. However, the group made a U-turn a year later and said it wanted to instead have a majority interest in Ping. ....

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