Credit Suisse Group emerges substantial shareholder in Vsolar

Credit Suisse Group AG has emerged as a subtantial shareholder in loss-making Vsolar Group Bhd with a 5.08% stake.

KUALA LUMPUR: Credit Suisse Group AG has emerged as a subtantial shareholder in loss-making Vsolar Group Bhd with a 5.08% stake.

A filing with Bursa Malaysia showed it bought 8.80 million shares on July 24 and raised its stake to 19.60 million shares.

In the third quarter ended March 31, 2019, it posted net losses of  RM648,000 compared with net losses of RM601,000 a year ago.

The Q3 revenue was RM142,000, down 55% from the RM318,000 a year ago due to lower information technology product sales during the quarter. 

In the statement to its accounts issued on May 31, Vsolar had announced it was reviewing several renewable energy projects including examining opportunities to participate in the government’s drive to increase investments in the revised net energy metering (NEM) scheme. 

It was also upbeat on the government's target to achieve 20% renewable energy (RE) in the national power mix by 2025 which would create a wide range of opportunities for the group in terms of investment opportunities by way of solar leasing programs and technology solutions. 

Vsolar said both solar and biomass/biogas RE was a stable RE source for the future. 

“Therefore, these businesses have a favourable outlook based on the increasing demand for RE,” it said.