Wah Seong Corporation Berhad made a significant announcement at its Annual General Meeting (AGM) today, unveiling a bold transformation plan to drive the company’s success in the face of a robust industry outlook. Led by the newly appointed Managing Director, Mr Giancarlo Maccagno, Wah Seong Corporation is set to undergo an exciting transformation journey, positioning itself as a leading player in the transition towards cleaner energy including renewables and new energy.
Effective 1 July 2023, Mr Maccagno will succeed Mr Chan Cheu Leong as the new Managing Director of Wah Seong Corporation Berhad. Mr Chan, who will retire at the end of June will assume the role of Non-Executive Non-Independent Director.
The transformation plan presented by Mr. Maccagno capitalises on the robust industry outlook and emerging opportunities to propel the Group’s growth. As the world’s energy needs evolve and transition towards cleaner sources, the demand for gas, renewable energy, and new energy infrastructure has witnessed a tremendous increase. This surge in demand has resulted in significant contract awards, with the Group boasting a record order book of RM3.5 billion as of the first quarter of 2023, and an unprecedented pipeline of active tenders.
Notably, a growing portion of the order book comprises exciting projects in the renewable and future fuel services sector. One such project is the completion of the first 1MW green hydrogen project in Sydney by Wasco Australia, a subsidiary of Wah Seong Corporation. Wasco Australia is now engaged as an EPC contractor for a combined hydrogen production and battery energy storage system.
In addition, it has been selected by energy players to provide early engineering work for several hydrogen production, storage, and refuelling facilities. Today, Wasco is recognised as a leader in hydrogen project delivery in Australia. It is expanding geographically leveraging the strong know-how and track record in Australia and the Wasco Group’s global network.
Furthermore, the company’s engineered solutions have transcended beyond the energy sector, expanding to industries such as data centres and mining.
While the growth of the company’s tender book is still largely driven by gas development projects, the Group actively embraces the growing focus on sustainability-related opportunities. Aside from hydrogen and wind farms, carbon capture storage (CCS) developments also offer opportunities to the company. With its expertise in pipeline coating solutions, the company is ideally positioned to cater to the emerging demand for coating services in the construction of CCS pipelines. This presents an exciting opportunity to apply existing solutions and support the development of this innovative and vital energy transition initiative.
In line with the transformation, Wah Seong Corporation plans a rebranding exercise. Changing its name to Wasco Berhad, the company will unify its entire group under the strong and internationally recognised brand of Wasco. This strategic move capitalises on Wasco’s already strong branding and reputation in the world, providing a cohesive identity that resonates with clients, partners, and the financial markets. The group-wide rebranding reinforces the company’s commitment to delivering sustainable economic value and positions it for continued success in the sectors it operates.
Part of the transformation journey consists of strengthening the Group’s balance sheet through asset monetization, divestment of non-core businesses, enhanced operational efficiency, and optimisation of the capital structure. These initiatives, alongside others, aim to ensure long-term economic sustainability for the Group by enabling easier access to the financial system and capital markets and ultimately rewarding the shareholders with fair and sustainable returns.
The transformation plan also places a strong emphasis on digitalisation, innovation, and advanced technologies to enhance the company’s product and service portfolio. By leveraging these advancements, the Group aims to provide extraordinary solutions to its customers, strengthen its market position, and drive sustainable growth.
Wah Seong Corporation remains steadfast in upholding the highest standards of environmental, social, and governance practices. By integrating sustainability into its operations, the company strives to create long-term value for its stakeholders while minimising its environmental footprint and contributing positively to the communities in which it operates.
With Mr Giancarlo Maccagno at the helm of this exciting transformation, Wah Seong Corporation, or now Wasco Berhad, is well-prepared to navigate the world-changing landscape. The company’s unwavering commitment to innovation, sustainability, and excellence sets the stage for a future of continued success and positive impact.
Source: Wah Seong Corporation Berhad
