Solar photovoltaic (PV) specialist Solarvest Holdings Bhd and Norway’s central bank, Norges Bank, have emerged as shareholders in Sarawak-based construction company Hartanah Kenyalang Bhd following the completion of a private placement involving 62 million shares, equivalent to a 10 per cent stake in the company.
In a statement, Hartanah said Solarvest subscribed to 45 million shares, representing a 6.6 per cent stake, while Norges Bank, which manages Norway’s Government Pension Fund Global, acquired the remaining 17 million shares, representing a 2.5 per cent stake.
Hartanah said Solarvest’s strategic investment is expected to create collaboration opportunities in the renewable energy sector in Sarawak, leveraging the company’s regional expertise in clean energy.
The announcement follows Hartanah’s disclosure of an issue price of 27.5 sen per share for the placement exercise, which is expected to raise approximately RM17.05 million.
The proceeds will primarily be used as working capital for the company’s Sarawak Stadium project, secured in January 2026.
Listed in June 2025, Hartanah has secured four new contracts worth RM511.4 million, boosting its outstanding order book to RM551.2 million as at April 23, 2026, up from RM142.5 million as at March 31, 2025.
Funds raised from Hartanah’s initial public offering (IPO), amounting to RM19.34 million, were allocated as working capital for six construction projects.
On Friday, Hartanah Kenyalang shares rose 1.5 sen, or 3.49 per cent, to 44.5 sen, giving the company a market capitalisation of RM303 million. The stock has nearly tripled from its IPO price of 16 sen.
Meanwhile, Solarvest shares gained three sen, or 1.06 per cent, to RM2.85, valuing the group at approximately RM2.73 billion.
