- Solarvest has transferred its listing status to Main Market of Bursa Malaysia Securities Berhad
- It believes this would bring it institutional funds that are not authorized to invest in ACE Market companies
- The company will be able to diversify its business model to include other related businesses as battery storage
Malaysia based solar EPC service provider Solarvest Holdings Berhad says it has successfully transferred its listing status to the Main Market of Bursa Malaysia Securities Berhad. This, it said, makes it the 1st pure-play solar company in Malaysia.
As the company looks forward to expanding itself beyond Malaysia, this successful transfer will bring to it more institutional funds that do not have the mandate to invest in ACE Market companies, explained Solarvest Group CEO Davis Chong Chun Shiong.
“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,” added Shiong.
Solarvest also aims to grow its business model to grow beyond EPC works, which could mean diversifying into related businesses as green-technology related services and battery storage. These measures would also help increase its recurring income via asset ownership.
The Malaysian company touted having exceeded the profit requirements for the transfer which was to have an aggregate profit after tax (PAT) of at least MYR 20 million for past 3 full financial years. Its PAT for the past 3 years amounted to MYR 43.5 million.
In October 2019, Solarvest had announced its plans to become a public company with an initial public offering (IPO) of MYR 34.6 million, to fund its local and international expansion plans (see Malaysian Solar EPC Firm To Go Public).