Handal Energy plans to diversify ops

PETALING JAYA: Handal Energy Bhd is proposing to diversify its business to include telecommunications (telecoms) network infrastructure solutions and marine sand segments.

In a filing with Bursa Malaysia, the integrated oil and gas services provider said under the telecoms network infrastructure solutions segment, the company will be owning, operating and leasing out space for telecoms towers, as well as setting up and integrating 5G private networks.

Moreover, Handal stated it will be involved in extracting, operating and trading for domestic and export sales of marine sand and related business activities, under the marine sand business.

Handal expects the new segments to contribute 25% or more of the net profit of the group moving forward.

This proposal stands to diversify Handal’s earnings base and reduce its dependence on its existing businesses.

The group is also restructuring and consolidating its strengths, resources and business strategy.