KUALA LUMPUR, Solarvest Holdings Bhd plans to raise up to RM254.1 million through a private placement, issuing 10% of its enlarged share capital to fund solar photovoltaic (PV) projects, support working capital, and repay borrowings.
The exercise will involve up to 84.7 million new shares to be allocated to independent third parties, with the issue price to be determined later. Based on an illustrative price of RM3 per share—around a 4.15% discount to its five-day volume-weighted average price of RM3.13 up to Oct 17—the proceeds are estimated at RM254.1 million.
Almost half of the funds, RM124.6 million, will go towards equity contributions for three solar PV projects: RM49 million for a 470MWac plant in Larut and Matang, Perak (a joint venture with Malakoff Corp Bhd), RM45.6 million for a 100MWac plant in Mukah, Sarawak (60%-owned by Solarvest), and RM30 million for a 60MWac plant in Kuala Langat, Selangor.
The remaining proceeds will fund RM79.2 million in working capital, RM50 million to repay borrowings, and cover expenses related to the placement.
Solarvest last conducted a private placement in April 2024, raising RM28.61 million via 20.15 million shares. The current placement is expected to be completed by the first half of 2026, with KAF Investment Bank Bhd appointed as principal adviser and placement agent. Shares in Solarvest closed two sen higher at RM3.17 on Tuesday, giving the company a market capitalisation of RM2.69 billion.
