KUALA LUMPUR: Shareholders of Wasco Bhd have approved all resolutions at the group’s extraordinary general meeting, paving the way for the proposed listing of its renewable-energy arm Wasco Greenergy Bhd on the Main Market of Bursa Malaysia Securities Bhd.
The listing, expected to take place in mid-December 2025 following the prospectus launch in November 2025, will see Wasco retain a 62.54% shareholding in Wasco Greenergy.
The exercise involves an initial public offering of up to 150 million shares, comprising a public issue of 75 million new shares and an offer for sale of up to 75 million existing shares by Wasco and Tema Energy Ventures Sdn Bhd.
“This approval marks a defining milestone in our journey towards a more sustainable energy future. It reflects strong confidence in Wasco’s renewable-energy strategy and reinforces our long-term commit-ment to scaling clean-energy solutions across Malaysia and the region. The listing of Wasco Greenergy signifies the maturation of our renewable-energy platform, from a specialist in biomass and thermal systems into a broader clean-energy provider capable of supporting industrial decarbonisation, while continuing to create long-term value for our shareholders,” said Wasco Bhd group CEO Gian Carlo Maccagno.
Wasco Greenergy integrates more than 40 years of engineering heritage through Wasco Thermal Sdn Bhd and Wasco AgroTech Sdn Bhd, combining expertise in biomass steam energy systems, heat-recovery steam generators, steam turbine generator systems, palm-oil milling equipment, and after-sales services. The company designs and delivers integrated energy and palm oil milling systems, supported by comprehensive after-sales and maintenance services.
Its expertise was first forged in the oil palm sector, where agricultural waste and by-products such as empty fruit bunches and palm kernel shells remain a key renewable fuel source.
Today, Wasco Greenergy’s technologies power a broad range of industries, from palm oil and oleochemicals to paper mills and industrial parks, as more high-steam users adopt biomass and waste-heat recovery solutions to decarbonise operations and lower energy costs.
Wasco Greenergy manages the entire value chain, from engineering and fabrication at its 14.5-acre Shah Alam facility to installation and lifecycle maintenance.
Recognised as a key player in Malaysia’s biomass steam energy systems and steam turbine markets, Wasco Greenergy serves major industrial clients across Malaysia, Indonesia, and the wider Asean region, holding a strong leadership position in the country’s renewable-thermal sector.
According to Grand View Research, the Southeast Asia biomass market, valued at US$3.68 billion (RM15.4 billion) in 2023, is projected to grow at a compound annual growth rate of 11.9% to reach US$7.79 billion by 2030.
This rapid expansion is driven by rising demand for renewable-thermal systems that help industries decarbonise while maintaining reliability and cost stability.
Malaysia’s National Biomass Action Plan 2023–2030 further highlights biomass as a strategic enabler of national decarbonisation and energy security, leveraging abundant agricultural residues to generate renewable heat and power.
