KUALA LUMPUR, Wasco Bhd has received shareholder approval for the proposed listing of its renewable energy arm, Wasco Greenergy Bhd, on the Main Market of Bursa Malaysia Securities Bhd, with the debut targeted for mid-December.
According to the group’s statement, the company plans to launch Wasco Greenergy’s prospectus later this month. The initial public offering (IPO) will involve up to 37% of Wasco Greenergy’s equity, comprising 75 million new shares and an offer for sale of up to 75 million existing shares by Wasco and its partner, Tema Energy Ventures Sdn Bhd.
Post-listing, Wasco will retain a 62.54% stake in the subsidiary, down from 88.87% currently, while Tema Energy Ventures will continue to hold 11.13%.
Wasco group chief executive officer Gian Carlo Maccagno said the approval marks a major milestone for the group’s clean energy ambitions.
“The listing of Wasco Greenergy represents the evolution of our renewable energy platform — from a biomass and thermal systems specialist to a comprehensive clean energy provider capable of driving industrial decarbonisation, while creating long-term value for shareholders,” he said. 
He added that investor support reflects confidence in Wasco’s sustainability strategy and its goal of expanding clean energy solutions across Malaysia and the region.
Wasco Greenergy focuses on designing and delivering integrated clean energy systems, including biomass and palm oil mill solutions, along with after-sales and maintenance services. Its client base spans palm oil, oleochemicals, paper mills, and industrial parks.
CIMB Investment Bank Bhd is the principal adviser for the listing.
Wasco’s shares closed half a sen higher at 87 sen on Monday, valuing the company at RM670.28 million.
