Velesto Energy Berhad (‘Velesto’ or ‘the Group’), today announced that its wholly-owned subsidiary, Velesto Malaysian Ventures Sdn Bhd has entered into a Share Sale Agreement (‘SSA’) with Enviros Survey & Consultancy Sdn Bhd.
Pursuant to the SSA, Velesto will dispose of its entire equity interest in Velesto Workover Sdn Bhd (‘VWSB’) for a total cash consideration of RM16.5 million. The disposal is expected to result in a gain on disposal of approximately RM0.4 million based on net asset of VWSB as at 30 September 2025.
Megat Zariman Abdul Rahim, President of Velesto 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 first half of 2026.
