Malaysia-listed oil bunkering and renewable energy provider Fast Energy Holdings Berhad on Thursday (12 May) proposed to shareholders the disposal of subsidiary Cape Technology Sdn Bhd to finance the operational expenses of its oil bunkering, marine oil trading and renewable energy business.
Cape Technology, principally involved in the manufacturing of mould cleaning rubber sheets and trading of epoxy encapsulant materials for optoelectronics industries, is proposed to be disposed for a consideration of MYR 8 million (USD 1.82 million), said Board of Directors of Fast Energy.
“The Proposed Disposal is in line with Fast Energy Group’s objective of streamlining its businesses to focus on oil bunkering, marine oil trading and renewable energy segments, as well as to unlock the value and monetise Fast Energy’s investment in CTSB, which is principally involved in manufacturing and trading of rubber mould cleaning products,” it said.
In early January 2021, Fast Energy Group diversified its principal activities to include oil bunkering and related activities. Since the diversification, the oil bunkering, marine oil trading and renewable energy business has overtaken the mould cleaning rubber sheets segment as the main revenue contributor to the Group, it stated.
The main proceeds of the divestment are mainly earmarked for the Group’s working capital requirements, which would allow the Group flexibility in respect of financial allocations for the operational requirements of its oil bunkering, marine oil trading and renewable energy segment, which in turn may allow the Group to carry out operations in a more efficient manner.
Related: Malaysia: Fast Energy records net loss for FY 2021, despite 773.7% increase in revenue
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Photo credit: Umar Mukhtar
Published: 13 May, 2022
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