KUALA LUMPUR, 5 November 2025 — Shareholders of Wasco Berhad (KLSE: WASCO) have approved all resolutions at the company’s Extraordinary General Meeting (EGM), paving the way for the proposed listing of its renewable-energy subsidiary, Wasco Greenergy Berhad, on the Main Market of Bursa Malaysia Securities Berhad.
The listing, expected to take place in mid-December 2025 following its prospectus launch in November, will see Wasco retain a 62.54% shareholding in Wasco Greenergy. The exercise involves an initial public offering (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 Sdn. Bhd.
Strengthening Wasco’s Renewable Transition
“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 commitment to scaling clean-energy solutions across Malaysia and the region,” said Gian Carlo Maccagno, Group Chief Executive Officer of Wasco Berhad.
“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 creating long-term value for our shareholders.”
From Biomass Roots to Regional Clean-Energy Leadership
Wasco Greenergy consolidates over 40 years of engineering expertise through Wasco Thermal Sdn. Bhd. and Wasco AgroTech Sdn. Bhd., specialising in biomass steam systems, heat-recovery steam generators (HRSGs), steam turbine generators, and palm-oil milling equipment.
Originally serving Malaysia’s oil palm sector, where agricultural waste such as empty fruit bunches and palm kernel shells serves as renewable fuels, Wasco Greenergy has evolved into a diversified clean-energy provider, delivering biomass and waste-heat recovery systems across industries including oleochemicals, paper mills, and industrial parks.
Its 14.5-acre Shah Alam facility manages the full project lifecycle, from engineering design and fabrication to installation, commissioning, and maintenance, positioning the company as a leading integrated clean-energy solutions provider in Malaysia and ASEAN.
Capturing Southeast Asia’s Biomass Growth
According to Grand View Research, the Southeast Asia biomass market was valued at US$3.68 billion in 2023 and is projected to grow at a compound annual growth rate (CAGR) of 11.9%, reaching US$7.79 billion by 2030.
This surge is driven by industrial users seeking renewable-thermal solutions to cut carbon emissions while maintaining energy reliability and cost stability. Malaysia’s National Biomass Action Plan 2023–2030 identifies biomass as a strategic enabler of national decarbonisation and energy security, leveraging agricultural residues to generate clean heat and power.
With proven technical capabilities, fabrication capacity, and regional presence, Wasco Greenergy is well-positioned to tap into the region’s fast-expanding clean-energy demand.
CIMB Investment Bank Berhad acts as the Principal Adviser to Wasco Berhad for the listing exercise.
