Propel Global to seek approval for move into property development
Its subsidiary broke ground on a Kuantan riverfront shoplot project with a gross development value of RM64 million.
Propel Global Bhd plans to put its proposed diversification into property development to shareholders for approval, according to a Bursa Malaysia filing. The oil and gas services company launched its first commercial property project in Kuantan, Pahang, in June.
The group expects the new business to account for more than 25% of its future net profit. Propel Global Development Sdn Bhd, its subsidiary, began building the riverfront commercial shoplot project in June. The development carries a gross development value (GDV) of RM64 million.
The proposal comes after Propel Global posted losses for a second successive year. Its net loss for the financial year to June 30, 2026, reached RM27.2 million, against RM24.2 million a year earlier, while revenue was down almost 28% at RM80.4 million.
All business segments experienced slower activity. Lower progress billings for oil and gas engineering, procurement, construction and commissioning (EPCC) projects were the main drag, together with a reduction in mechanical and electrical maintenance work.
The shares were last recorded as untraded at six sen apiece, with the company's market capitalisation at RM51.97 million.
