KUALA LUMPUR, Dec 5 (Bernama) -- Bursa Malaysia closed lower on Friday amid mixed regional market performance as investors turned cautious over a possible rate hike by the Bank of Japan (BOJ) and upcoming US economic data that may influence the Federal Reserve’s (Fed) interest rate decision next week. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) pared most earlier losses to settle 4.55 points easier, or 0.28 per cent, to 1,616.52 from Thursday’s close of 1,621.07. The benchmark index, which opened 0.37 of-a-point lower at 1,620.70, moved between 1,609.67 and 1,621.25 throughout the day. The broader market was negative, with decliners outpacing advancers 604 to 439. A total of 550 counters were unchanged, 1,151 untraded, and 18 suspended. Turnover declined to 3.17 billion units worth RM2.24 billion from 4.48 billion units worth RM2.75 billion yesterday. Rakuten Trade Sdn Bhd vice-presiden...
Renewable energy player Verdant Solar Holdings Bhd (KL:VERDANT) surged 19% in its maiden trading session on the ACE Market of Bursa Malaysia on Wednesday, underscoring strong investor enthusiasm for the solar sector.
The company’s shares opened at 37 sen, above its IPO price of 31 sen, and climbed as high as 38.5 sen before stabilizing at 38 sen at 9:10 a.m., with more than 49 million shares traded in the opening minutes.
Strong Demand Fuels Stellar Debut
Verdant’s debut follows a heavily oversubscribed IPO, where retail investors snapped up shares nearly 40 times over the available amount, reflecting optimism in Malaysia’s accelerating clean energy transition.
Managing director Lim Tzer Haur highlighted the company’s mission to make solar energy more accessible:
“Every step of our mission has been clear — to reduce the burden of electricity bills through world-class solar solutions that enable sustainable living while delivering the best customer experience,” Lim said during the listing ceremony.
Founded in 2015, Verdant Solar started as a residential solar solutions provider before expanding into engineering, procurement, construction, and commissioning (EPCC) services, as well as operations and maintenance (O&M).
IPO Proceeds to Power Expansion
The IPO raised a total of RM66.8 million, comprising:
RM44 million in fresh capital for company growth initiatives, and
RM22.8 million from share disposals by major shareholders Lim Tzer Haur, Ng Kel Mynn, and Ong Hsiao Loong.
At its current price, Verdant Solar commands a market capitalization of RM311 million. The company does not plan to distribute dividends in the near term, opting instead to reinvest earnings into expansion projects to capture the growing renewable energy market.
Positioned for Malaysia’s Energy Transition
Verdant’s strong listing debut comes as Malaysia intensifies its push toward carbon neutrality by 2050, spurring investment in solar and renewable infrastructure. The company’s established footprint in the residential and commercial solar markets positions it well to benefit from rising adoption of clean energy solutions.
Mercury Securities Sdn Bhd acted as the principal adviser, sponsor, underwriter, and placement agent for the IPO.
Key Takeaway:
Verdant Solar’s successful listing and strong investor response underline robust confidence in Malaysia’s renewable energy growth story, with the company poised to capitalize on the nation’s shift toward sustainable power generation.
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