Malaysia, the world’s second-largest palm oil producer, generates more than 100 million tonnes of biomass waste each year. The Wasco Group sees palm oil waste as an underutilized source of renewable energy. (Photo: iStock)
Updated: Wasco Greenergy debuts on Bursa Malaysia’s Main Market
Wasco Greenergy made its Main Market debut on Bursa Malaysia on Dec. 10. After the listing, the company aims to accelerate growth in both Malaysia and Indonesia, although policy clarity in Indonesia remains a key concern. The stock closed below its IPO price on its first trading day.
At the listing ceremony, chief executive officer Lee Yee Chong said the company will continue scaling its engineered steam solutions, strengthen its regional footprint, and support industries working to improve operational efficiency and emissions reduction.
Expanding in Indonesia amid policy uncertainty
Wasco Greenergy plans to deepen its presence in Indonesia by opening a sales office in Jakarta and establishing two new service centres in the country. Lee said the company’s portfolio is now roughly split between Malaysia and Indonesia, supported by operations in palm-oil-rich markets. Indonesia contributed 49% of revenue in FY2024.
Indonesia has been supportive of biomass energy, including biodiesel use and plantation expansion. However, Lee said the company hopes for clearer guidance to firm up future investments. Wasco Greenergy will work with customers and policymakers to better understand the country’s direction. He noted that Indonesia’s push toward B50 biodiesel and plans to open another 600,000 hectares of land for palm oil could lift future demand.
