Ray Go Solar makes debut on LEAP Market at 16c/share
KUALA LUMPUR: Ray Go Solar Holdings Bhd made its debut on the LEAP market of Bursa Malaysia at 16 sen a share, representing a four sen premium over its issue price of 12 sen.
About 10,000 shares were done in the opening trade.
The solar photovoltaic solutions provider’s listing on the LEAP Market entailed the issuance of 52.3 million new ordinary shares by way of private placement, representing 20.5% of its enlarged share capital of 255 million shares.
It will raise RM6.27mil in proceeds via the listing, of which RM2mil will be allocated for expansion into a solar leasing programme, RM1mil for operations expansion to Penang and Johor, RM2.43 for working capital and the remaining RM840,000 for listing expenses.
According to Ray Go Solar CEO Datuk Ray Tan, the company will be introducing its solar leasing solutions in 2022 to lower the entry cost to its prospective clients and boost the penetration rate of its solar PV solutions.
“Furthermore, as the renewable energy industry is anticipated to grow multifold on the back of robust demand and favorable government policies, we will be expanding our operational footprint nationwide to capture the growing opportunities in the Northern and Southern regions of Peninsular Malaysia,” he added in a statement.
