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Cepatwawasan Group Bhd’s wholly-owned subsidiary, Cash Nexus (M) Sdn Bhd, has signed an agreement to sell a 40% stake in Cash Horse (M) Sdn Bhd — operator of a 12MW biomass power plant in Sandakan, Sabah — to its Australia Securities Exchange-listed subsidiary for RM31.61 million in cash. The conditional share sale agreement was entered into with Timah Resources Ltd, a 69.8%-owned subsidiary of Cash Nexus, according to a filing with Bursa Malaysia. Cepatwawasan said the disposal forms part of its long-term strategy to diversify into the renewable energy sector, providing a hedge against volatility in the crude palm oil market. The group noted that the value of its renewable assets is not fully reflected in its current share price. “The proposed disposal will help highlight and substantiate the value of Cepatwawasan’s renewable assets and provide greater liquidity through the trading of Timah shares. At the same time, the group will continue to maintain a majority stake in its renewable energy portfolio,” the company said. The filing noted that the original investment in the shares of Cash Nexus was RM23.5 million, incurred between 2009 and 2024. As of December 31, 2024, Cash Horse reported a profit after tax of RM2.33 million and net assets of RM77.41 million. The disposal is expected to generate a pro forma gain of approximately RM650,000 for Cepatwawasan, calculated as the difference between the disposal consideration and 40% of Cash Horse’s audited net assets as of December 31, 2024.

The government will continue to maintain the subsidised RON95 petrol price at RM1.99 per litre and has no plans to make any major changes to the current price or policy, said Economy Minister Akmal Nasrullah Nasir. He noted that the ongoing conflict in the Middle East does not provide sufficient reason for the government to alter domestic fuel prices or make drastic policy adjustments. “Our ministry is monitoring developments closely, but there is no indication that the government needs to make any significant changes to its policies. The government has implemented a targeted subsidy and continues to maintain a fair RON95 price for the public,” he told reporters after attending the OGSE100 CEOs Forum 2026. On March 1, Prime Minister Anwar Ibrahim reaffirmed the government’s commitment to keeping the RON95 petrol price at RM1.99 per litre despite global market uncertainties following recent developments in the Middle East. He explained that while disruptions in the Strait of Hormuz have driven global oil prices higher, the government remains determined to uphold the subsidised price under the Budi MADANI RON95 (BUDI95) programme. Akmal Nasrullah also said that Malaysia’s 2026 gross domestic product (GDP) growth forecast remains at 4.0–4.5 per cent, despite the ongoing conflict in the Middle East. “If there is any need to revise the forecast, it will be done by Bank Negara Malaysia; for now, we are continuing with the current growth target for 2026,” he added. The statements underscore the government’s intention to shield Malaysians from volatile global oil prices while maintaining a stable and targeted subsidy for domestic fuel.

Velesto Energy Bhd (VEB) announced that its indirectly wholly owned subsidiary, Velesto Drilling Sdn Bhd, has secured a contract worth US$157 million from Petronas Carigali Sdn Bhd (PCSB) to provide a jack-up drilling rig for the 2026–2030 period. The contract marks a significant milestone for the Malaysian oil and gas drilling services provider as it strengthens the company’s order book and earnings visibility over the next five years. In a filing with Bursa Malaysia, Velesto Energy explained that Velesto Drilling is a wholly owned subsidiary of Velesto Malaysian Ventures Sdn Bhd, which is in turn a wholly owned subsidiary of VEB. Under the contract, Velesto Drilling will deploy its NAGA 2 rig to fulfil PCSB’s drilling requirements, starting in February 2026 and continuing through to 2030. The NAGA 2 is an independent-leg cantilever jack-up drilling rig capable of drilling to depths of up to 30,000 feet, with a rated operating water depth of 350 feet. The rig is designed to support complex offshore drilling operations and has been a key asset in Velesto’s fleet, allowing the group to offer specialised drilling services across Southeast Asia and Malaysia. “The contract is expected to contribute positively to the group’s earnings and net assets throughout the five-year period,” the company noted in its filing. VEB President Megat Zariman Abdul Rahim said the award represents a major achievement for the company and sets a strong tone for 2026. “The five-year engagement for NAGA 2 reflects our ongoing progress in maximising the utilisation of our core assets while strengthening earnings visibility,” he said. He added that the award demonstrates the trust placed in Velesto by one of Malaysia’s leading oil and gas operators and reinforces the group’s commitment to maintaining safe, reliable, and high-performance operations. “We remain focused on delivering consistent performance and disciplined execution across our operating markets in Southeast Asia and Malaysia,” Megat Zariman said in a separate filing. The contract also highlights Velesto’s continued efforts to expand its presence in the offshore drilling sector, leveraging its fleet of jack-up rigs to meet growing demand for reliable and efficient drilling solutions. With the deployment of NAGA 2, Velesto Energy aims to optimise the utilisation of its assets, enhance operational efficiency, and strengthen its financial performance over the contract period. This award positions Velesto Energy to capture further opportunities in the regional offshore drilling market, reflecting both the company’s technical capabilities and its reputation as a trusted partner for major oil and gas operators.