05/11/2025

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BIZ & FINANCE WEDNESDAY | NOV 5, 2025

Green light for Wasco Greenergy listing

o Shareholders approve all resolutions at EGM, parent company will retain 62.5% shareholding in renewable energy arm

Indonesia, and the wider Asean region, holding a strong leadership position in the country’s renewable thermal sector. According to Grand View Research, the Southeast Asia biomass market, valued at US$3.68 billion (RM15.4 billion) in 2023, is projected to grow at a compound annual growth rate of 11.9% to reach US$7.79 billion by 2030. This rapid expansion is driven by rising demand for renewable thermal systems that help industries decarbonise while maintaining reliability and cost stability.

Its expertise was first forged in the oil palm sector, where agricultural waste and by-products such as empty fruit bunches and palm kernel shells remain a key renewable fuel source. Today, Wasco Greenergy’s technologies power a broad range of industries, from palm oil and oleochemicals to paper mills and industrial parks, as more high-steam users adopt biomass and waste-heat recovery solutions to decarbonise operations and lower energy costs. Wasco Greenergy manages the entire value chain, from engineering and fabrication at its 14.5-acre Shah Alam facility to installation and lifecycle maintenance. Recognised as a key player in Malaysia’s biomass steam energy systems and steam turbine markets, Wasco Greenergy serves major industrial clients across Malaysia,

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 Wasco Bhd group CEO Gian Carlo Maccagno. Wasco Greenergy integrates more than 40 years of engineering heritage through Wasco Thermal Sdn Bhd and Wasco AgroTech Sdn Bhd, combining expertise in biomass steam energy systems, heat-recovery steam generators, steam turbine generator systems, palm-oil milling equipment, and after-sales services. The company designs and delivers integrated energy and palm oil milling systems, supported by comprehensive after-sales and maintenance services.

KUALA LUMPUR: Shareholders of Wasco Bhd have approved all resolutions at the group’s extraordinary general meeting, paving the way for the proposed listing of its renewable energy arm Wasco Greenergy Bhd on the Main Market of Bursa Malaysia Securities Bhd. The listing, expected to take place in mid-December 2025 following the prospectus launch in November 2025, will see Wasco retain a 62.54% shareholding in Wasco Greenergy. The exercise involves an initial public offering 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 Sdn Bhd. “This approval marks a defining milestone in our journey towards a more sustainable energy future. It reflects strong confidence in Wasco’s renewable-energy strategy and reinforces our long-term commit ment to scaling clean-energy solutions across Malaysia and the region. The listing of Wasco Greenergy signifies the maturation of

Malaysia’s National Biomass Action Plan 2023–2030 further highlights biomass as a strategic enabler of national decarbonisation and energy security, leveraging abundant agricultural residues to generate renewable heat and power. Binastra wins RM188m data centre contract KUALA LUMPUR: Binastra Corporation Bhd’s wholly owned subsidiary Binastra Builders Sdn Bhd has been awarded a RM188.5 million contract by MYT DC3 Sdn Bhd for Phase 2 mechanical and electrical fit-out works for AIMS Group’s six-storey data centre in Cyberjaya, Selangor. As Cyberjaya continues to grow as Malaysia’s leading data centre and technology hub, AIMS Group is scaling up its capacity to meet the rising demand for digital infrastructure. The project is expected to be completed within four months from the commencement date. Managing director Datuk Jackson Tan Kak Seng said, “We are honoured by the continued trust and confidence from our client, which reaffirms Binastra’s growing reputation in supporting Malaysia’s digital infrastructure ecosystem. This marks our fifth data centre contract, bringing our total secured data centre contract value to RM1.4 billion. We continue to actively explore new opportunities in this sector and remain committed to contribute towards a more sustainable and digitally advanced nation by delivering high-quality and energy-efficient data centres for the future.” To date, Binastra has secured RM2 billion worth of new contracts, expanding its total outstanding order book to RM4.7 billion.

Home financing board gets RM1b funding from HSBC PETALING JAYA: Lembaga Pembiayaan Perumahan Sektor Awam (LPPSA), the public sector home financing board, secured RM1 billion in funding from HSBC Amanah, aimed at providing home financing specifically for civil servants.

From left: HSBC Amanah CEO Raja Amir Shah, Omar, Farid and LPPSA CFO Mohd Zawawi Mohd Muhiddin at a signing ceremony.

The transaction marks a significant milestone as it represents LPPSA’s inaugural alternative funding initiative, establishing a non-government guaranteed (GG) Islamic Receivables Finance (RF-i) facility. In a statement yesterday, LPPSA said this initiative aligns well with the government’s focus on enhancing access to home financing for civil servants while providing innovative alternative financing arrangements for government entities. “LPPSA’s collaboration with HSBC will enable LPPSA to play a vital role in helping nearly 1.6 million civil servants in the country across all ranks to acquire home financing and fulfil their aspirations of becoming homeowners by ensuring they have access to the necessary resources for securing their future homes. This initiative will further strengthen our fiscal discipline as outlined under the Fiscal Responsibility Act”, according to LPPSA CEO Farid Nawawi. The funding offered by HSBC Amanah to LPPSA for civil servants’ housing loans can contribute to effective debt management by

optimising the government’s guarantee exposure. Moreover, by providing access to home financing for civil servants, this initiative profoundly impacts not just civil servants themselves, but also the stability, efficiency, and equity of the entire nation in line with the Malaysia Madani framework. HSBC Malaysia CEO Datuk Omar Siddiq said, “We are grateful for the opportunity to partner with LPPSA on this transaction. The RM1 billion financing provided by HSBC Amanah to LPPSA aligns with the government’s agenda to deliver expanded housing access to civil servants. This initiative not only supports the government’s debt management efforts but also offers social and

economic benefits for the civil servant community, contributing to a more stable financial climate. The solution showcases HSBC’s innovative capabilities and expertise in shariah compliant transaction banking solutions, effectively addressing the needs of the country’s public service sector”. LPPSA has enhanced its funding agility by implementing an innovative RF-i solution from HSBC Amanah. This facility is designed to complement its primary GG sukuk programme, allowing LPPSA to diversify its funding options. This approach ensures competitive funding costs while reinforcing its core mission of providing sustainable home financing for the public sector.

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