KUALA LUMPUR: Velesto Energy Bhd
said its wholly-owned subsidiary Velesto Malaysian Ventures Sdn Bhd has entered into a Share Sale Agreement (SSA) with Enviros Survey & Consultancy Sdn Bhd to dispose of its entire equity interest in Velesto Workover Sdn Bhd (VWSB) for RM16.5mil cash.
The disposal is expected to result in a gain on disposal of approximately RM400,000 based on the net asset of VWSB as at Sept 30, 2025.
Velesto president Megat Zariman Abdul Rahim said: “The divestment is consistent with our approach to portfolio management. It is aligned with the group’s ongoing efforts to streamline operations, support returns to shareholders, and optimise capital allocation. We are also taking measured steps to develop complementary areas in line with the group’s longer-term direction to pursue value-enhancing opportunities”.
VWSB provides workover services, which form part of Velesto’s upstream oil and gas services offering. The proposed disposal is expected to be completed by the first half of 2026.
