Solarvest uplists to Main Market of Bursa Malaysia, plans expansion

Author: Takver. License: Creative Commons, Attribution-ShareAlike 2.0 Generic.

October 13 (Renewables Now) - Malaysian photovoltaic (PV) plants builder Solarvest Holdings Bhd (KLSE:SLVEST) has successfully transferred its listing status to the Main Market of Bursa Malaysia Securities Berhad, the company announced today.

Solarvest is a provider of turnkey engineering, procurement, construction and commissioning services for solar photovoltaic (PV) projects that also engages in the operation and maintenance of such plants. It says it is now the first pure-play solar player listed on the Main Market of Bursa Malaysia.

The company’s aggregate after-tax profit for the past three financial years amounts to MYR 43.5 million (USD 10.5m/EUR 9m), with MYR 16.4 million booked in the latest fiscal year through March 2021.

“The elevation of our listing status reflects the strong demand and growing recognition of the importance of solar energy in Malaysia. It will pave the way for us to expand the visibility of the Group and gives us the platform to share the robust growth potential of the domestic solar industry to a wider pool of investors; locally and abroad,” commented Group CEO Davis Chong Chun Shiong. He explained that, from now on, the company will be able to raise more funds for its international expansion because, as a Main Market company, it will be able to attract more institutional funds without the mandate to invest in ACE Market companies.

“Apart from regional expansion, we are also in the midst of transforming our business model to expand beyond engineering, procurement, construction and commissioning (EPCC) works and to improve on increasing our recurring income via asset ownership and so on. Moreover, we are also looking at diversifying into related businesses in the clean energy sphere. Some of the areas we could potentially explore are the likes green technology-related services and battery storages businesses,” the CEO concluded.

(MYR 1.0 = USD 0.240/EUR 0.208)

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