Energy: Setting Our Sights On Diversification Having increased our stake in Ping to 90 per cent, we have established a three-pronged strategy for the upstream specialist to maximise its performance over the short-to-medium-term. The first of our focus areas is in protecting and growing our asset base to optimise yield and operational excellence, with the second in diversifying our revenue stream by recycling cash flow and existing assets into attractive development projects that will bring additional volume. Lastly, we will seize new business opportunities wherever possible, with an emphasis on growing via multi-national mergers and acquisitions that can provide near-term cash flow as well as financial and tax synergies. We are also proactively developing policies and capabilities that will enable us to respond to global calls for decarbonisation. The Group’s stance is that the transition to cleaner forms of energy should be seen as an opportunity, and we are pleased to have made progress in this aspect via the signing of a memorandum of understanding (“MoU”) with Cerulean Winds Limited (“Cerulean Winds”) in August 2022. This new collaboration with the UK green infrastructure developer will see us deploy and operate a dedicated offshore floating wind turbine designed to power our Excalibur FPSO to minimise diesel usage, resulting in lower Greenhouse Gas (“GHG”) emissions. It will put Ping on the map as the operator of one of the first oil & gas facilities to meet the UK Government’s emissions reduction targets. A successful collaboration will provide us the opportunity to capture high-value assets with low upfront capital, while further enabling us to de-risk from having a single source producing asset and increasingly challenging fiscal policies in the United Kingdom, such as levies on energy profits and ESG costs involved in the UK Emissions Trading Scheme. OGPC is also in the midst of participating for tenders and contracts from Petronas - covering upstream, downstream and retail - that are related to the scope of supply and services. While the key focus for OGPC in FY2023 will be to build its capabilities, people and facilities, we have set the vision of becoming a major equipment services and general maintenance contractor within three years. Information Technology: Securing New Strategic Partnerships with Global Players As our new Trade Facilitation service offerings in the businessto-business (“B2B”) segment gain traction both locally and in international markets, we have placed greater focus on expanding our offerings within the scope of Technology Consulting & SI. This will serve to expand the value we can provide to public and private sector customers in their ongoing digital transformational journeys. To this end, we are thrilled to have secured valuable new partnerships with global industry players that set the stage for strong and sustainable revenue growth, international expansion and reputational enhancement in the near future. In May 2022, DNeX and IAC inked an MOU with Accenture Solutions Sdn Bhd (“Accenture”). It will see us jointly explore opportunities that leverage on our home-grown technologies along with Accenture’s deep global industry expertise, with the aim of developing joint offerings that drive data-led transformation in Malaysia’s public services and governmentlinked companies (“GLCs”). Our efforts will be focused around the development of cloudbased ERP applications, as well as projects that leverage on analytics, big data, artificial intelligence and robotics process automation. DAGANG NeXCHANGE BERHAD 34 GROUP MANAGING DIRECTOR’S STATEMENT
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