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KUALA LUMPUR: Xurya, a leading renewable energy company in Indonesia specializing in rooftop solar rentals with no upfront costs, has announced a significant investment of US$55 million. This funding round was spearheaded by the Norwegian Climate Investment Fund, managed by Norfund, with participation from Swedfund, Clime Capital (manager of SEACEF II), British International Investment (BII), and AC Ventures. With this latest infusion, Xurya has secured over US$90 million in total investments to date. This investment marks the first direct funding from the Norwegian Climate Investment Fund and Swedfund, Sweden’s Development Finance Institution (DFI), into an Indonesian renewable energy company. Additionally, it represents BII’s inaugural equity investment in Indonesia under its 2022-2026 investment strategy. Clime Capital and AC Ventures are returning investors. Since its inception in 2018, Xurya has led the way in Indonesia’s rooftop solar sector, pioneering the first no-cost rental model and advancing IoT and machine learning integration in solar operations. Xurya’s efforts have driven significant growth in rooftop solar adoption, particularly in the commercial and industrial sectors. Eka Himawan, Xurya’s Managing Director, highlighted that the new funding will enhance the company’s global competitiveness. “With support from these esteemed investors, we are not only committed to continuing our innovations for a sustainable energy transition but also to evolving into a world-class company in the coming years,” said Eka. Indonesia, as the world’s largest archipelago, faces significant climate change risks. The Indonesian government’s roadmap aims to achieve net-zero emissions by 2060, with a focus on increasing renewable energy sources like solar power. Norfund’s Senior Vice President of Renewable Energy, Anders Blom, expressed enthusiasm about leading the investment, noting it aligns with the Climate Investment Fund’s mission to reduce greenhouse gas emissions in emerging markets. Swedfund’s Investment Director of Energy and Climate, Gunilla Nilsson, emphasized their pride in partnering with Xurya to tackle climate change in a high-emission country and contribute to measurable impact. Clime Capital’s CEO, Mason Wallick, praised Xurya’s growth and the effectiveness of their early-stage risk capital model. BII’s Managing Director for Asia, Srini Nagarajan, highlighted their support for Xurya as a testament to their commitment to sustainable development and strengthening UK-Indonesia relations. AC Ventures’ Managing Partner, Helen Wong, commended Xurya’s leadership in Indonesia’s commercial and industrial solar market. Eka Himawan expressed gratitude for the investors’ trust and reaffirmed Xurya’s commitment to achieving Indonesia’s ambitious net-zero goal through collaborative efforts. Xurya’s rooftop solar rental model addresses the barrier of high initial costs, facilitating the adoption of renewable energy for businesses. In 2022, Xurya raised US$33 million from East Ventures, Mitsui & Co., Saratoga, PT Surya Semesta Internusa Tbk, Schneider Electric, and New Energy Nexus, with early investments from GoTo Ventures. To date, Xurya has executed over 170 solar projects across Indonesia, avoiding 152,000 tons of CO2 emissions annually and generating over 1,600 green jobs. With the new capital, the company aims to further reduce CO2 emissions by 370,000 tons per year. Xurya is also an active member of the Indonesian Solar Energy Association and has earned B Corp Certification in 2024 for its adherence to ESG principles.

KUALA LUMPUR: Sik Cheong Berhad (“Sik Cheong” or “熾昌有限公司”), a company specializing in the repackaging, marketing, and distribution of RBD palm olein oil, has entered into an underwriting agreement with TA Securities Holdings Berhad (“TA Securities”) for its forthcoming initial public offering (IPO) on the ACE Market of Bursa Malaysia Securities Berhad (“Bursa Securities”). Sik Cheong’s IPO will involve a public issuance of 66.0 million new ordinary shares, representing 24.8% of its enlarged share capital, along with an offer for sale of 20.0 million existing shares, or 7.5% of its enlarged share capital, via private placement to selected investors. Of the 66.0 million new shares, 13.3 million will be available to the Malaysian public through balloting, 4.0 million shares will be allocated to eligible directors, employees, and contributors to Sik Cheong’s success (“Pink Form Allocations”), and the remaining 48.7 million shares will be reserved for private placement to selected investors. Under the underwriting agreement, TA Securities will underwrite 17.3 million new shares allocated to the Malaysian public and Pink Form Allocations. Sik Cheong, through its subsidiaries (collectively referred to as the “Group”), focuses on the repackaging, marketing, and distribution of RBD palm olein oil, a refined, bleached, and deodorized form of palm oil. The Group also trades third-party products, primarily margarine, based on customer requests. RBD palm olein oil products are the primary revenue driver for Sik Cheong. These products, including cooking oil sold under the in-house brands “Sawit Emas” and “Vitamas,” as well as unbranded options, serve both commercial and household markets. Sik Cheong boasts a customer base of over 500 annual clients, including retailers, wholesalers, hotel and restaurant operators, and food manufacturers. Retail outlets such as wholesale centers, hypermarkets, and supermarkets further extend the reach of Sik Cheong’s products to end consumers. Additionally, the Group markets lamp oil under the “Pingat Emas” brand. Sik Cheong’s Managing Director, Mr. Wong Hing Ngiap (黄興業), commented, “Sik Cheong operates in a sustainable sector, with RBD palm olein cooking oil being a crucial ingredient in daily food preparation. It offers a cost-effective solution compared to alternatives, making it one of the most consumed cooking oils. With over thirty years of experience and a solid presence in Klang Valley, we are poised for the next phase of growth. We are excited to sign this Underwriting Agreement with TA Securities, marking a significant step towards our listing on the ACE Market of Bursa Securities. This IPO will enhance our corporate profile, financial flexibility, and open new growth opportunities.” Mr. Wong added, “We take pride in catering to diverse customer needs and industry requirements with various packaging sizes for both household and commercial use. Our commitment to reliable and prompt delivery, within 3 working days, ensures customer confidence and fosters long-lasting business relationships.” Sik Cheong emphasizes product quality and safety, demonstrated by its MeSTI, HALAL, HACCP (MS 1480: 2019), and ISO 22000: 2018 certifications. These accreditations reflect the company’s adherence to rigorous cleanliness and preparation standards crucial for maintaining high quality in the food industry. Looking forward, the Group plans to expand its product range to include high oleic soybean oil, a versatile and cost-effective option with a mild flavor that meets the demand for healthier edible oils. The Group also aims to extend its geographical reach beyond Kuala Lumpur and Selangor to neighboring states such as Perak, Negeri Sembilan, Melaka, and Pahang to capture a larger market share. Sik Cheong is set to be listed on the ACE Market of Bursa Securities by the third quarter of 2024, with TA Securities serving as the Principal Adviser, Sponsor, Sole Underwriter, and Placement Agent for the IPO.