KUALA LUMPUR: Velesto Energy Bhd
’s wholly owned subsidiary, Velesto Malaysian Ventures Sdn Bhd, has signed a share sale agreement to dispose of its entire equity interest in Velesto Workover Sdn Bhd (VWSB) for RM16.5mil in cash.
In a filing with Bursa Malaysia, the oil and gas services provider said the buyer is Enviros Survey & Consultancy Sdn Bhd, a private Malaysian geoscience and environmental consultancy.
Velesto Energy president Megat Zariman Abdul Rahim said the divestment aligned with the group’s portfolio management strategy.
“It is aligned with the group’s ongoing efforts to streamline operations, support shareholder returns, and optimise capital allocation. We are also taking measured steps to develop complementary areas in line with the group’s long-term strategy to pursue value-enhancing opportunities,” he said. — Bernama
