KUALA LUMPUR (March 11): Solar photovoltaic (PV) solutions provider Ray Go Solar Holdings Bhd rose four sen to 16 sen on its LEAP Market debut on Friday (March 11).

The first trade was done at 10,000 shares.

In a statement in conjunction with its listing, the company said it 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 its footprint to Penang and Johor.

Ray Go Solar offers comprehensive solar PV solutions comprising engineering, procurement, construction and commissioning (EPCC) of roof-mounted and ground-mounted solar panels, as well as post-project maintenance services.

Ray Go Solar chief executive officer Datuk Ray Tan Boon Teck said climate change is one of the greatest threats to humanity today, prompting urgency of stakeholders worldwide to transition to renewable energy solutions.

“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.

“To fast-track the adoption of solar energy solutions in Malaysia, it is important to lower the entry cost for 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,” he said.

Ray Go Solar’s initial public offering on the LEAP Market of Bursa Malaysia 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 million shares at a price of 12 sen per placement share.

Through its listing, the group will raise RM6.27 million in proceeds, of which RM2 million is allocated for expansion into the solar leasing programme, RM1 million for operational expansion to Penang and Johor, and RM2.43 million for working capital.

The remaining RM840,000 will be utilised for listing expenses.