PETALING JAYA: Sunview Group Bhd
is proposing to diversify its existing principal activities to include solar power generation.
In a filing with Bursa Malaysia, the company said it has been operating its power generation business through its subsidiaries over the past few years.
“The group has been operating its power generation through its subsidiaries over the past few years.
“Since its commencement of operations, the segment has not triggered the threshold pursuant to Rule 10.13 of the Listing Requirements as the diversion of contribution of the segment to the group’s net profit is less than 25%.”
Sunview said the proposed diversification will provide an opportunity for the group to further expand its power generation business while reducing its reliance on the engineering, procurement, construction and commissioning of solar photovoltaic facilities business.
“With the rapidly emerging solar industry, income generated from power generation can serve as a stable recurring source of revenue, hence enhancing overall financial performance and resilience.
“The expansion of the power generation business would allow the group to tap into new market segments and customer demographics, further expand the market reach and enhance its brand visibility.”
Sunview said solar energy emerges as a crucial solution to reduce greenhouse gas emissions by displacing fossil fuel energy.
“It is projected that solar energy could cut global carbon dioxide emissions by over four billion tons annually by 2050. The implementation of the Carbon Border Adjustment Mechanism from October 2023 further underscores the global shift towards sustainable practices, compelling companies worldwide to adopt green technologies and carbon pricing policies.
“The global solar energy sector continues its robust growth trajectory, poised as the fastest-growing renewable energy source. Declining costs, technological advancements, and supportive government policies worldwide are driving this expansion.”
