KUALA LUMPUR (Nov 3): Wasco Bhd (KL:WASCO) said on Monday it has secured approval from its shareholders for the proposed listing of its renewable-energy arm, Wasco Greenergy Bhd, on the Main Market of Bursa Malaysia Securities Bhd.
The unit is targeting to be listed in mid-December this year, with its prospectus to be launched later this month, according to a statement from Wasco. The initial public offering (IPO) will offer up to a 37% stake in Wasco Greenergy. Wasco will retain a 62.54% equity in the unit post-listing, down from 88.87% currently. The remaining 11.13% is held by Tema Energy Ventures Sdn Bhd.
“The listing of Wasco Greenergy signifies the maturation of our renewable-energy platform — from a specialist in biomass and thermal systems into a broader clean-energy provider capable of supporting industrial decarbonisation, while continuing to create long-term value for our shareholders,” said group chief executive officer Gian Carlo Maccagno.
He added that the approval marks “a defining milestone in our journey towards a more sustainable energy future”, reflecting investor confidence in Wasco’s renewable-energy strategy and reinforcing the group’s long-term commitment to scaling clean-energy solutions across Malaysia and the region.
The listing exercise involves an IPO of up to 150 million shares, comprising a public issue of 75 million new shares and an offer for sale of up to 75 million existing shares by Wasco and Tema Energy Ventures.
CIMB Investment Bank Bhd has been appointed the principal adviser for the listing.
Wasco Greenergy designs and delivers integrated clean-energy and palm oil milling systems. It also provides after-sales and maintenance services. It serves a range of industries, from palm oil and oleochemicals to paper mills and industrial parks.
Wasco shares closed half a sen higher at 87 sen on Monday, for a market capitalisation of RM670.28 million.