Abang Abdillah in right track..doing the same.

Companies change ownership, this is what normally they will do..

1st. BOD recruited new management staff or restructured the organization (done)

2nd. Change the company name (done).

3rd. Ensure that their balance sheet is cleaned up (ongoing)

4th. Bidding, promotion, and other activities are taking place for new contracts.

5th. Media/IB start to do coverage. By this time you won't get the same price as now.

This is from my past experiences when I bought this kind of stocks, changed in ownership

CGSI Research said Velesto’s rig schedule suggests that it could hit over 90% utilisation in FY25.

PETALING JAYA: Velesto Energy Bhd is building strong earnings visibility for its financial year ending Dec 31, 2025 (FY25) and FY26, says CGS International (CGSI) Research.

The research house said Velesto’s latest rig schedule suggests an 82% rig utilisation rate for FY24, given all six of its jack-up rigs have already locked-up their contracts, with potential to rise above 90% in FY25, and at least 85% in FY26.


As Velesto is bidding for FY26 work in today’s high daily charter rate (DCR) environment, there is potential to sustain high profitability for the next three years, it noted.

“The key uncertainty is for second half of this year (2H24), where Velesto will send three of its rigs (Naga 2,

“Naga 2 is contracted to drill for PETRONAS Carigali Sdn Bhd (PCSB) from Oct 2024 to Feb 2026; Naga 4 will drill for PCSB from Sept 2023 to Feb 2026; Naga 6 is contracted by PCSB from Dec 2024 to Feb 2026; while Naga 8 has been drilling for Carigali Hess since July 2023 and will continue until Oct 2025,” it said.The research outfit, however, pointed out that big gaps in the FY25 schedule are for Naga 3 and Naga 5.

But, citing data provider Riglogix, CGSI Research said Naga 3 may work for Indonesia’s national oil company PT Pertamina for two years commencing April 2025, while Naga 5 may drill for PTT Exploration and Production in Malaysia for two years commencing Dec 2024.

https://www.thestar.com.my/business/business-news/2024/06/28/strong-earnings-visibility-forecast-for-velesto

I think data centre theme not yet over..just get started (in warm up stage) and still got room to spike up, hopefully.

Some institutional take profit last couple weeks including HL bank, Manulife, Fidelity and etc. I saw some new IB (foreign bankers), take this opportunities and buy in during price drop. Hope price will rise back after this.

Minetech going to be big winner in near future..there's possibility for limit up. Buy hold and forget for time being, later you'll be rewarded...my 2c

Look at some big projects that Irix involved previously..

1) The SEA-H2X is a new submarine cable system connecting Hong Kong SAR China, Hainan China, Philippines, Thailand, East Malaysia and Singapore, with options to extend to Vietnam, Cambodia, West Malaysia and Indonesia. 

2) Sarawak-based telecommunications company, irix, which is the corporate brand identity of PP Telecommunication Sdn Bhd, today launched its 700km Batam Sarawak Internet Cable System (BaSICS) and Tier IV Data Centre (irix DC), heralding the beginning of a new era in improved internet connectivity for all Sarawakians and residents of Borneo.

And many more. Irix also experts in Data centre. Minetech, Irix, scib and BJland...all collaboration.

Abang Abdillah is capable of making IRIX (formerly known as PP Telecommunications) a successful company, and I am certain that he will turn Minetech into a profitable company too...just you need patience and hold to harvest later.

Apple2353
see ! Eagle is no more here already.. sarawakian also cabut

Doomstock = Eagle
😂😁

It is not a question of reaching bottom or price falling, it is running flat. Normally, mid-to-long-term investors see like this...before it reaching the next level. For untrained eyes, they see zig-zag patterns. For short traders, they will make noise...lousy stock lah, go Holland lah and so on.

Hai! Bucket pulak..basket

I know you guys frustration. You guys maybe miss lot of opportunities in Data centre counters that recently emerged hot..go all time higher. Smart said, don't put all your eggs in one bucket. I used to kept some spare money to use during this kind of bull run. But believed me, Velesto will erupt suddenly without notice..happened before. For those who follow veleslow for long period will know the real story. Patience sabar.

Microsoft already bought the land..work in progress now.

Ya kah. How our PM informed you ke..🤣😂

Notion just received UMA enquiry from bursa bcoz shares price hit high...maybe that's the recent pullback today.

Pak tua pun ada collect di sini..I lega skt. Percaya sama pak tua..😂

After the profit taking, hopefully DC theme resume back tomorrow.

I thought flying to moon today...eemmm!

Adoi! Morning 0.23. Suddenly I open 0.185. What happen to drastic drop?

Pick from the above post..

Awang Tengah also said that Sarawak’s mineral wealth includes gold, bauxite, silica sand, limestone and rare earths, noting that gold deposits, initially found in Bau, have also been discovered in several locations in Sri Aman.

All the activities above well suited with Minetech business.

https://www.theborneopost.com/2024/06/18/awang-tengah-sarawak-to-delve-deeper-into-mineral-mining-in-tandem-with-og-sector/

Wow! Brent usd 84 now. It means DCR for usd 100 and above is imminent. O&G bull run coming soon.

I remember last year I bought Armada around average 0.53 and disposed with good profit after it break 0.60. Today I open, our friend Armada still trading @ 0.55 kah...adoi!!
Perdana lagi sempoi...touched 0.40 ready. Velesto start giving dividend. Apa sdh jadi sama ni Armada 😴😪

Not energy theme right now. All the big2 shark go to Data centre right now. Energy theme will follow once DC fever is over..sabar2 not long.

https://asia.nikkei.com/Spotlight/The-Big-Story/AI-s-looming-climate-cost-Energy-demand-surges-amid-data-center-race

DC required huge energy consumption. Most AI companies like Google and Amazon using green tech or alternative to support the ESG. So, what that mean to Minetech?

Wow! This group has received many positive comments and hopes. It's possible for anyone to have confidence in Minetech to skyrocket one day. Let it become a reality

萨约纳拉

https://www.theborneopost.com/2024/06/07/premier-proposed-new-airport-deep-sea-port-to-turn-sarawak-into-aviation-shipping-hub-in-region/

Abg Johari working hard to transform Sarawak, into next level. We can see more projects and MOU announcement lately. Minetech in good position to grab either one of the contract perhaps more...matter of time.

Petronas’ unit inks deal to certify CO2 storage sites for local CCS projects:: https://theedgemalaysia.com/node/714604

I think not Velesto day. Petronas just inked agreement with DNV for CCS project.

They know...It's not always possible to depend on Petronas, but they should not neglect them either.

It seems to me that they are looking for a way to expand their business to the next level.

If they really looking at Middle East for future bidding...what about rigs services for Petronas?

Solution: Tendered contract to other drilling service provider, like deep water drilling project (JV) that they announcement recently and etc.

Just my guessing..😀

This comes after our PM recent visit to Saudi. This is our PM statement during press conference...


"We have also requested that they (Saudi Arabia) take a look at our capable companies not only in investments but also for them (to be given opportunities to secure) development, construction and information technology contracts in Saudi Arabia.
"This means being given present opportunities – for example, large projects in Neom. It seems that Malaysia is being considered. That's why I am of the view that personal support from foreign leaders is vital for them to pay attention to Malaysia," Anwar said during the programme.

Some doubt running in my mind..are Saudi going hired Velesto rigs (after suspended USA rigs services)

This is interesting. As velesto seek for asset light this year, they also mentioned this during press conference...

"In a filing with Bursa Malaysia following its latest financial results announced last month, Velesto said it expects the overall global utilisation of jack-up rigs to remain strong for 2024 and 2025.

“However, the jack-up drilling rig market may experience uncertainty. The company is monitoring the current situation in the Middle East for its future bidding strategy, especially for mid-2026 onwards,” it said.

If we compared DC rate in between Petronas and middle East, there's huge difference.

They put max pressure to contra/weak players. Weak out strong remain. Those got holding power will win the battle eventually..sabar

Brent moving towards downtrend..hopefully recover back tonight.

Brent moving downward..usd 76/barrel.

Collaborate with South Korea and UAE, business estimate around USD460 bil on green energy. Part of Minetech revenue also comes from green tech projects.

https://www.thestar.com.my/news/nation/2024/06/01/sarawak-targets-green-energy-collaborations-with-south-korea-uae

Why so silent here, eagle went for hunting ke...

I believe the share price will limit up once the JV agreement materializes. Patience is the key.

Management has strong future planning. That's why they are confident and willing to give shares (ESOS) to their downline staff (and also dividend)

Velesto ...Syarikat Petroleum Nasional kedua 😂😁😀

This is good news indeed. This laterally means they look to double their revenue and income without owning large drilling assets...easy, profitable money. JV with other deepwater drilling companies that owned vessel without spending huge budgets in this uncertain fossil fuels business. Nevertheless they got Petroleum National authorized license and very good reputation with Petronas...smart way. They will bid the contracts and pass it contract drillers. Same concept with Petronas.

Eagle 77
You're very optimistic...I like you spirit. Hopefully Abg won't disappoint us.

It won't go below 0.26 or worse case 0.25..reffering past trend before move up.

New shark...EPF.

Collect collect. This is last round they give you chance to collect cheap cheap...once engine start you won't get it.😁. Investment mesti mahu berani. Like Warren Buffet once said "be fearful when others are greedy and to be greedy only when others are fearful"

Wow! Canteeek collect lagi...all in 😁