KUALA LUMPUR (March 20): Petroleum trading and oil bunkering player Fast Energy Holdings Bhd has diversified into the consumer electronics sector, with its subsidiary's appointment as the exclusive distributor of China-made FreeYond products in Malaysia.
The wholly owned subsidiary, Fast Technology Sdn Bhd, entered into an agreement with Great Work Corporation Ltd to be the sole distributor of FreeYond products in Malaysia, said Fast Energy in a Bursa Malaysia filing.
Great Work had secured the distribution rights for FreeYond products in Malaysia, Singapore, Thailand, and Indonesia from ShenZhen FreeYond Technology Co Ltd (SFT). SFT is the manufacturer of the FreeYond product line of consumer electronics such as smartphones, smart wearables, and artificial intelligence of things products.
Fast Energy executive director Tan Wye Chuan said the deal enables the group to diversify its portfolio and broaden revenue streams beyond core petroleum trading and oil bunkering operations.
“Our foray into this high-growth sector enables us to capitalise on the increasing demand and usage of electronics in Malaysia. With the rising adoption of smartphones, wearables, and other innovative technologies, we see tremendous potential for growth and expansion in this market,” he said in a statement.
Shares of Fast Energy closed 3.7% or half a sen lower to 13 sen on Monday (March 20), giving the group a market capitalisation of RM25.98 million.
Source: TheEdge - 21 Mar 2023
