ES Sunlogy Aims To Grow Solar Energy Portfolio Via Participation In RE Initiatives
KUALA LUMPUR, Feb 20 (Bernama) -- ES Sunlogy Bhd aims to expand its portfolio in the solar energy sector via participation in renewable energy (RE) initiatives such as the large-scale solar 5 programme (LSS5), LSS5+ and the corporate green power programme.
Chief executive officer Sam Teo Chee Teong said the mechanical and electrical (M&E) engineering services firm has diversified into the solar energy sector since 2017, along with the commercialisation of its Junjong solar plant in 2023.
“Moving forward, this will be one of our main strategies. We are optimistic (about) participating or bidding for LSS5 or LSS5+ for the RE sector,” he told a press conference held virtually after the listing ceremony today.
On the M&E outlook in Malaysia, Teo said that based on independent market research, the sector is poised for continued growth, supported by favourable market conditions.
He said strategic investment in the region is increasingly important as a manufacturing and engineering hub.
“Those factors provide substantial opportunity for industry players to expand their operations and enhance their service offerings to meet the evolving demand of the dynamic market,” he said.
ES Sunlogy today made its debut on the ACE Market of Bursa Malaysia at 30.5 sen, a premium of half-a-sen over its IPO price of 30 sen, with 26.05 million shares traded.
Of the RM42 million raised through its IPO, the company said RM14.1 million would be utilised for developing and constructing the Selarong large-scale solar photovoltaic plant, which is expected to be commercialised in December.
“In addition, RM14 million will be used to repay borrowings, and RM9.2 million will support the company’s working capital needs.
“RM0.7 million will be used to purchase an enterprise resource planning system to enhance the group’s overall operational efficiency and RM4.0 million for the IPO expenses,” it said.
At 5 pm, the counter closed the day trading flat at 30 sen, similar to its IPO price, with 143.60 million shares changing hands.
-- BERNAMA