Reservoir Link subsidiary proposes listing on Nasdaq

KUALA LUMPUR: Reservour Link Energy Bhd's 51%-owned subsidiary Founder Group Ltd (FGL) is considering a listing on the US Nasdaq stock exchange.

In a statement, the group said the engineering, procurement and construction unit specialises in solar system and other engineering works involving civil, structural, mechanical and electrical engineering nationwide.

The group said the proposed listing will offer enhance financial flexibility through a new fundraising platform to accelerate the expansion and growth trajectory of its solar renewable business.

By leveraging the Nasdaq stock exchange, FGL said it will also be able to improve its corporate image and visibility to penetrate a wider market thereby broadening both the existing client and investor base.

In addition, the exercise will also serve as a platform to strategically review the business and explore new potential avenues to grow the solar renewable energy segment.

"Taking into account the expected global demand for solar, we expect remarkable growth ahead.

"Demand will be anchored by supporting factors like the growing adoption of net zero initiatives which have seen overwhelming support from government policies and incentives," said Reservoir Link executive director Thien Chiet Chai.

Subscribe now to our Premium Plan for an ad-free and unlimited reading experience!

Next In Business News

Asian stocks slip, rate cut hopes face pivotal week
IPI rebounds 2.7% in October 2023 on robust performance in mining sector
MARC Ratings affirms Malaysia's sovereign rating at AAA
Market to continue range-bound trading
TikTok to buy GoTo's Indonesia e-commerce business in US$1.5bil deal
Bursa Malaysia Derivatives launches first currency futures contract
UOB Malaysia leads EXSIM's RM365mil green sukuk placement
FACB Industries' executive president Chen Lip Keong, 7th Richest Man in Malaysia, passes away
Foreign investors snap 5-week buying streak on Bursa Malaysia
Ringgit opens on softer note against US dollar

Others Also Read