Renewable

November 21 (Renewables Now) - Malaysian solar system installer Solarvest Holdings Bhd expects its shares to start trading on the ACE Market of the Malaysian bourse on November 26, it said today after allotting the shares from its initial public offering (IPO).

The solar company put up for sale 98.83 million new ordinary shares at a price of MYR 0.35 (USD 0.084/EUR 0.076) apiece, of which 19.5 million were offered to public investors and 20.7 million were offered in a private placement to selected investors.

Specific Bumiputera investors approved by the Ministry of International Trade and Industry would be able to subscribe for 39.06 million shares. An additional 12.53 million shares were left for directors, employees and other persons related to the company.

M&A Securities Sdn Bhd was hired as the underwriter of the offering, funds from which are planned to go for Solarvest’s expansion in the large-scale, and commercial and industrial (C&I) segments of the Malaysian solar market. The company previously said it intended to also allocate part of the funds to support its entry into new markets such as Vietnam and Taiwan and for certain technology upgrades.

The Malaysian company this week reported results for its second fiscal quarter through September 30, 2019. Net profit stood at MYR 3.6 million and revenues were MYR 102.4 million. It did not provide any comparative figures as this is its first interim financial report to Bursa Malaysia, in conjunction with its IPO.

(MYR 1.0 = USD 0.240/EUR 0.216)