• Follow Us On Our Preferred Social Media Platform:

Malaysia: Fast Energy proposes disposal of Cape Technology over bunkering ambition

13 May 2022

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. 

Malaysia: Fast Energy proposes disposal of Cape Technology over bunkering ambition

Related: Malaysia: Fast Energy records net loss for FY 2021, despite 773.7% increase in revenue
Related: Malaysia: Fast Energy bunkering operations record RM 213,000 net profit in Q2 2021
Related: Malaysia: Techfast Holdings Berhad changes name to Fast Energy Holdings Berhad
Related: Techfast forms bunkering JV with Fultonn Marine and Wise Marine; poised to become shipowner
Related: Techfast net profits dive 41% in 2020; positive outlook for bunkering subsidiary
Related: Malaysia: Techfast Holdings enters MYR 540 million MGO bunker supply agreement
Related: Malaysia: Techfast Holdings & Wise Marine ink USD 540 million bunker supply contract
Related: Malaysia: Techfast starts oil trading unit, unveils bunker supplier ambition with proposed CCK Petroleum acquisition
Related: Malaysia: Techfast Holdings acquires 35% stake in bunker trading firm CCK Petroleum

 

Photo credit: Umar Mukhtar
Published: 13 May, 2022

Related News

Featured News

Our Industry Partners

  • argus

PR Newswire