PETALING JAYA: Expectations of a special dividend from the planned sale of the Naga 3 jack-up rig could be a key re-rating catalyst for Velesto Energy Bhd
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This comes amid a fresh upstream capital expenditure upcycle led by Petroliam Nasional Bhd (PETRONAS), according to CGS International (CGSI) Research.
Velesto is expected to complete the sale of the Naga 3 rig for US$63mil by mid-2026 and believes proceeds from the disposal could be distributed to shareholders through a three sen special dividend per share (DPS), it said.
In addition, CGSI Research expects another three sen special dividend to be funded via issuances under Velesto’s RM1bil sukuk wakalah programme established in March 2026.
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