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Velesto Energy Berhad (“Velesto” or the “Group”), through its subsidiary Velesto Workover Sdn. Bhd., has secured two multi-year contracts from Sabah Shell Petroleum Company Limited (SSPC) to support deepwater operations offshore Sabah. The contracts cover comprehensive maintenance services for Top Tension Risers (TTRs) at SSPC’s Tension Leg Platform (TLP), with the work to be delivered in partnership with Velesto’s principal, INVX Asia Pacific Pte. Ltd. (INVX). Megat Zariman Abdul Rahim, President of Velesto, said the award reflects SSPC’s confidence in the company’s capabilities. “We thank SSPC for their continued trust in Velesto. This demonstrates our expertise in supporting offshore operations and our ongoing commitment to safe and efficient practices. These projects also strengthen the Group’s long-term resilience by diversifying our range of services,” he said. The contracts form part of Velesto’s strategy to expand its integrated maintenance and engineering offerings in the upstream energy sector. Working closely with INVX, Velesto aims to continue growing its portfolio of specialised offshore services, reinforcing its position as a trusted partner for energy operators in the region.

Xin Hwa Holdings Bhd’s wholly owned subsidiary, Xin Hwa Trading & Transport Sdn Bhd, has been awarded a transportation and logistics contract valued at approximately RM3.44 million by Malaysia Marine and Heavy Engineering Sdn Bhd (MMHE). In a statement, Xin Hwa said the contract involves providing specialised transportation services to support MMHE’s operations, reflecting the group’s continued expertise in delivering logistics solutions for industrial and heavy engineering clients. The contract underscores Xin Hwa’s position as a trusted partner in transportation and supply chain management within Malaysia’s industrial sector. The company noted that the contract is expected to contribute positively to its revenue and earnings during the execution period. Specific details on the duration of the contract or the scope of work were not disclosed, but the assignment is aligned with Xin Hwa’s strategy of securing long-term, high-value contracts that leverage its operational capabilities and fleet resources. Xin Hwa Trading & Transport, as the logistics arm of the group, provides a wide range of services, including heavy equipment transport, project logistics, and specialized haulage. Over the years, the subsidiary has established a track record of handling complex transport projects, particularly for clients in the manufacturing, construction, and energy sectors. The award from MMHE, a key player in Malaysia’s marine and heavy engineering industry, further strengthens Xin Hwa’s strategic footprint in industrial logistics, providing opportunities to expand its client base and reinforce its market reputation. This contract is part of Xin Hwa Holdings’ broader growth strategy to diversify its revenue streams beyond conventional trading operations, tapping into high-value logistics and transportation projects that complement its core business. The group said it will make further announcements as the project progresses and additional material developments occur. Investors and stakeholders are likely to view the contract positively, given the stable demand for industrial logistics services and Xin Hwa’s established expertise in the sector.

Gold Li Holdings Bhd, a Johor-based property developer, has signed an underwriting agreement with M & A Securities Sdn Bhd for its initial public offering (IPO) on the ACE Market of Bursa Malaysia. The IPO involves a public issue of 117 million new shares and an offer for sale of 36 million existing shares by Gold Li and its major shareholders, representing 25.5% of its enlarged share capital of 600 million shares upon listing. From left: Gold Li executive director and chief operating officer Datin Lau Siew Su, Gold Li managing director Datuk Lee Tiau Huat, M&A Securities head of corporate finance Gary Ting and M&A Securities deputy head of corporate finance Rachel Ho. Pic by Gold Li. Of the new shares, 30 million (5%) are allocated to the public, while 6 million shares (1%) are reserved for eligible directors, employees, and contributors through a pink form allocation. 42 million shares (7%) will be offered to selected investors via private placement, and 39 million shares (6.5%) are earmarked for Bumiputera investors approved by the Investment, Trade and Industry Ministry. The 36 million shares in the offer for sale will also be placed to Bumiputera investors approved by the ministry. Under the underwriting arrangement, M & A Securities will cover the shares allocated to the public and eligible persons, while the remaining shares will be placed with selected and Bumiputera investors. The proceeds from the IPO will primarily be used for working capital to fund ongoing and future projects and to cover listing expenses. Founded in 1999, Gold Li has a strong presence in Johor, particularly in Muar, Tangkak and Batu Pahat, where it focuses on landed residential developments. As of Oct 31, 2025, the company had completed 110 residential and commercial projects, with 10 ongoing projects, 30 in the pipeline, and 34 parcels of land earmarked for future development. Managing director Datuk Lee Tiau Huat said the underwriting agreement is a major milestone. “Over the past 27 years, we have built a resilient foundation in the landed residential segment with in-house construction expertise. The IPO proceeds will strengthen our working capital, support upcoming projects, expand our landbank, and facilitate a transition into high-rise developments, ensuring continued growth in Johor’s property market,” he said. Gary Ting, head of corporate finance at M & A Securities, noted that Gold Li’s track record of over 100 completed projects demonstrates its operational strength and market acceptance. “The group’s integrated model and focus on portfolio diversification provide a solid platform for sustainable value creation,” he added.