Kuala Lumpur: ES Sunlogy Bhd aims to expand its portfolio in the solar energy sector via participation in renewable energy (RE) initiatives such as the large-scale solar 5 programme (LSS5), LSS5+, and the corporate green power programme. Chief executive officer Sam Teo Chee Teong announced the company’s strategic direction during a virtual press conference following the listing ceremony today.

According to BERNAMA News Agency, ES Sunlogy has been diversifying into the solar energy sector since 2017, culminating in the commercialisation of its Junjong solar plant in 2023. Teo emphasized that the company is optimistic about participating or bidding for LSS5 or LSS5+ as part of its main strategies for growth in the RE sector.

On the mechanical and electrical (M and E) outlook in Malaysia, Teo highlighted that independent market research indicates the sector is set for continued growth, bolstered by favourable market conditions. He noted the importance of strategic investment in the region as a manufacturing and engineering hub, which provides substantial opportunities for industry players to expand their operations and enhance service offerings to meet the evolving demands of a dynamic market.

As ES Sunlogy made its debut on the ACE Market of Bursa Malaysia, the company saw its stock open at 30.5 sen, a premium of half-a-sen over its IPO price of 30 sen, with 26.05 million shares traded. The company plans to allocate RM14.1 million of the RM42 million raised through its IPO for the development and construction of the Selarong large-scale solar photovoltaic plant, slated for commercialisation in December.

Additionally, RM14 million will go towards repaying borrowings, RM9.2 million will support the company’s working capital needs, RM0.7 million will be used to purchase an enterprise resource planning system to enhance operational efficiency, and RM4.0 million will cover IPO expenses. By the end of the trading day, the counter remained flat at 30 sen, with 143.60 million shares changing hands.