KUALA LUMPUR: Wasco Greenergy Bhd
expects regional demand for decarbonisation technologies to surge as manufacturers adopt renewable energy (RE) solutions in response to stronger emphasis on environmental, social and governance compliance.
The integrated bioenergy solutions provider aims to advance its growth prospects through scaling supporting industries to ensure operational efficiencies while strengthening its regional footprint.
“As we advance into our next phase of growth, we will continue scaling our engineered steam solutions, strengthening our regional footprint and supporting industries in improving operational efficiency and emissions reduction,” said chief executive officer Lee Yee Chong at the listing ceremony at Bursa Malaysia.
The company made its debut on the Main Market of Bursa Malaysia yesterday, opening at 95 sen, a discount of five sen to its initial public offering (IPO) price of RM1.
The stock hit a high of 98 sen and a low of 87.5 sen in intraday trade before settling at 12 sen below its offer price at 88 sen.
The company’s IPO raised RM75mil in gross proceeds.
It offers fully integrated renewable energy, from biomass equipment and boilers to turbines and power systems to clients, which enables higher performance, improved cost efficiency and compliance with emissions expectations.
Its RE projects currently account for 80% to 90% of its RM249mil order book driven by steam boilers, engineering, procurement, construction and commissioning contracts, turbines and service projects.
As an additional upside, it aims to introduce its efficient clean energy equivalents to the global market.
Lee said the company’s portfolio now is roughly split between Malaysia and Indonesia, alongside their expansion into palm-oil-rich markets.
