The Solar photovoltaic solutions provider, in its statement to the press, states their aims to expand its reach in Malaysia’s solar industry, with its two-pronged growth strategy of providing solar leasing solutions as well as expanding footprint to Penang and Johor.
The group made its LEAP Market debut today, traded at 16 sen per share, 4 sen premium over 12 sen issue price. The first trade was done at 10,000 shares.
Ray Go Solar’s initial public offering (IPO) on the LEAP Market of Bursa Malaysia Securities Berhad entailed the issuance of 52.2 million new ordinary shares by way of private placement, representing 20.5% of the group’s enlarged issued share capital of 255.0 million shares, at a price of RM0.12 per placement share.
The Group will raise RM6.27 million in proceeds through its llisting, of which RM2.0 million is allocated for expansion into solar leasing program, RM1.0 million for operational expansion to Penang and Johor, and RM2.43 million for working capital.
While the remaining RM0.84 million will be utilised for listing expenses.
Ray Go Solar offers comprehensive solar PV solutions comprising engineering, procurement, construction and commissioning (EPCC) of roof-mounted andground-mounted solar panels, as well as post-project maintenance services.
The Group has extensive experience in implementing solar PV solutions across industrial, commercial, and residential projects, and has completed 68 projects with 11.02 Megawatt peak (MWp) of total installed capacity as at 31 October 2021. Notable customers to date include QL Resources Group, Nippon Paint Sdn Bhd and Yeo Aik Hevea.
“To fast track the adoption of solar energy solutions in Malaysia, it is important to lower the entry cost to our prospective clients. Thus, we are introducing our solar leasing solutions in 2022, which will significantly reduce the cost barrier and boost the penetration rate of our solar PV solutions,” Dato’Ray Tan, Chief Executive Officer of Ray Go Solar said.
“Our solar PV solutions will enable our customers to not only achieve greater energy efficiency and cost savings, but also align their efforts to support global sustainability goals,” he added.
“Furthermore, as the renewable energy industry is anticipated to grow multifold on the back of robust demand and favorable government policies, we will be expanding our operational footprint nationwide to capture the growing opportunities in the Northern and Southern regions of Peninsular Malaysia,” he concluded.
