Verdant Solar shares rise 19% on debut

From left: Ong Hsiao Loong, substantial shareholder of Verdant Solar Holdings; Chew Sing Guanmanaging director of Mercury Securities Sdn Bhd; Po Yih Ming, independent non-executive director of Verdant Solar Holdings; Ng Kel Mynn, non-independent executive director; Lim Tzer Haur, managing director; Jeremy Ong, independent non-executive chairman; Kee Tze Hui, non-independent executive director/chief operating officer; Geetha Kandiah, independent non-executive director; Fadli Riza Ramli, independent non-executive director; and Eric Chong Soo Keng, head of corporate finance of Mercury Securities.

PETALING JAYA: Solar panel installer Verdant Solar Bhd’s shares jumped 19.35% on its ACE Market debut that raised RM44.02mil for expansion.

The share, which was the most actively traded on Bursa Malaysia crossed 37 sen – a six sen increase over its initial public offering price (IPO) of 31 sen.

At 5pm yesterday, the stock closed at 37 sen with 120 million shares changing hands.

Verdant Solar claimed to have a 10.9% market share in the domestic solar industry, based on the installed capacity of newly built residential solar photovoltaic installations.

It planned to expand in Peninsular Malaysia through strategic investments, mergers and acquisitions.

The company had allocated 31.8% of the gross proceeds of the IPO to finance new branch offices in Melaka, Kuantan and Ipoh and 22.72% to investments.