FAST ENERGY HOLDINGS COMPLETES NAME CHANGE TO EXPAND BUSINESS IN ENERGY SPACE

KUALA LUMPUR, Aug 4 -- Petroleum trading and oil bunkering player Fast Energy Holdings Bhd has recently completed a name change from Techfast Holdings Bhd to Fast Energy, following a re-branding exercise to better reflect the group’s refreshed corporate strategy. 

The ACE Market-listed company said the group is actively seeking to expand its footprint in the energy space by exploring opportunities within renewable energy and the recent exercise represented a key milestone in its journey as it deepens its focus in the energy market.

"We intend to capitalise on the rise in demand for alternative energy, especially from organisations wanting to enhance their environmental, social and governance (ESG) performance with the transition to renewable energy," said the group's executive director Vincent Tan Wye Chuan. 

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As part of its plans, Fast Energy has incorporated a new wholly-owned subsidiary Fast Solar Sdn Bhd to boost prospects in the fast-growing renewable energy industry, particularly in solar power. 

Its intended principal activities include the investment in solar projects as well as the design, construction, operation and trade of solar-related products.

In March 2021, Fast Energy diversified into the petroleum trading and oil bunkering business.

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To date, it has secured several contracts to deliver a range of marine fuel oils to renowned customers, valued at RM4.2 billion.

Meanwhile, the group is in the midst of disposing a wholly-owned subsidiary, Techfast Precision Sdn Bhd (TPSB), given the declining demand for its products, which include self-clinching fasteners like screws and nuts which were becoming obsolete due to technological advancements in the assembly process of computers and television sets. 

The proposed disposal would raise proceeds amounting to RM6.1 million cash as well as reduce the group’s operating costs.

"We are also undertaking a proposed two-for-one rights issue with free warrants, with potential proceeds of up to RM109.1 million. This capital injection will strengthen our balance sheet and provide us the financial flexibility to capture future growth," Tan added. 

At press time, Fast Energy share price was half sen down at 24.5 sen on Bursa Malaysia.

-- BERNAMA