1. Introduction

The Board of Directors of Velesto Energy Berhad (“Velesto” or the “Corporate Guarantor”) is pleased to announce that Sumber Ribu Sdn Bhd (“Sumber Ribu” or the “Issuer”), a wholly-owned subsidiary of Velesto, had on 9 March 2026 lodged the required information and relevant documents relating to the Sukuk Wakalah Programmes with the Securities Commission Malaysia (“SC”) pursuant to the Guidelines on Unlisted Capital Market Products under the Lodge and Launch Framework (first issued by the SC on 9 March 2015, effective on 15 June 2015 and revised on 5 February 2024, as may be further amended, revised and/or substituted from time to time) (“LOLA Guidelines”).

2. Details of the Sukuk Wakalah Programmes

The Sukuk Wakalah Programmes will provide Velesto and its Group of Companies the flexibility to raise funds via the issuances of ICP and/or IMTN (collectively, the “Sukuk Wakalah”) from time to time, up to RM1.0 billion in nominal value, pursuant to the Sukuk Wakalah Programmes. 

ICP Programme

The ICP Programme has been structured with a programme tenure of seven (7) years from the date of first issuance of the ICP which shall be made within ninety (90) business days from the date of the lodgement with the SC (or such other extended dates approved by the SC). The ICP may be issued with a tenure of at least one (1) month and up to twelve (12) months from the date of issuance, as the Issuer may elect, provided that the ICP matures prior to the expiry of the ICP Programme.

IMTN Programme

The IMTN Programme has been structured with a perpetual programme tenure and the first issuance of the IMTN shall be made within ninety (90) business days from the date of the lodgement with the SC (or such other extended dates approved by the SC). The IMTN may be issued with a tenure of at least one (1) year from the date of issuance, as the Issuer may elect.

The Sukuk Wakalah Programmes are unsecured and guaranteed by Velesto. RAM Rating Services Berhad has accorded a short-term and long-term rating of P1(s) and AA2(s) with a stable outlook to the Sukuk Wakalah Programmes. 

3. Utilisation of Proceeds

The proceeds raised from the Sukuk Wakalah issued under the Sukuk Wakalah Programmes shall be utilised to finance the Issuer’s, the Corporate Guarantor’s and/or the Corporate Guarantor’s subsidiaries’ Shariah-compliant purposes, which shall comprise the following: 

(i) investments and other general corporate purposes;

(ii) capital expenditure;

(iii) working capital requirements;

(iv) refinancing of existing Islamic financing/conventional borrowings and/or future Islamic financing and/or Sukuk Wakalah issued under the Sukuk Wakalah Programmes; and/or

(v) to defray any fees, costs and expenses in relation to the establishment of the Sukuk Wakalah Programmes and issuance of Sukuk Wakalah under the Sukuk Wakalah Programmes. 

4. Advisers

Maybank Investment Bank Berhad is the Principal Adviser, Lead Arranger and Lead Manager for the Sukuk Wakalah Programmes.

Maybank Islamic Berhad is the Shariah Adviser for the Sukuk Wakalah Programmes.

This announcement is dated 9 March 2026.