JS Solar Continues Upward Momentum At Midday After ACE Market Debut

KUALA LUMPUR, Sept 23 (Bernama) -- Shares of JS Solar Holding Bhd, a solar photovoltaic (PV) system provider, continued to trade with an upward momentum after the company made its Bursa Malaysia ACE Market debut this morning.

At lunch break, the counter added 9.0 sen to 40 sen with 55.47 million shares traded. 

JS Solar debuted at 40 sen, a nine sen or 29.03 per cent premium to its initial public offering (IPO) price of 31 sen. At the opening, 6.98 million shares changed hands.

Managing director Datuk Johnson Chai Jeun Sian said the listing provides a solid foundation for growth and allows the company to capitalise on Malaysia’s expanding renewable energy (RE) sector.

“We see significant opportunities ahead, anchored by the national target of achieving a 70 per cent RE share in the electricity supply mix by 2050, supported by initiatives such as large-scale solar (LSS) Petra 5+ programme, LSS-Sabah, and the Solar Accelerated Transition Action Programme,” he said in a statement.

Chai added that strategic drivers are expected to boost demand for engineering, procurement, construction and commissioning (EPCC) services and accelerate the adoption of advanced technologies.

This includes the Battery Energy Storage Systems (BESS), which are key to enhancing grid stability and optimising energy efficiency within a solar-powered ecosystem.

Proceeds from the IPO will be used to strengthen JS Solar’s market presence in the solar PV industry.

“In parallel, we intend to leverage our track record as the main contractor of a BESS project in Kulim Hi-Tech Park to integrate this technology into our portfolio, enabling JS Solar to benefit from the growing shift towards sustainable energy,” he added.

Of the RM24.18 million raised from the IPO, RM3.20 million (13.23 per cent) will go towards regulatory fees and renovations for the new head office, RM12.72 million (52.61 per cent) for repayment of bank borrowings, RM1.55 million (6.39 per cent) for business expansion and marketing, RM2.52 million (10.40 per cent) for working capital, and RM4.20 million (17.37 per cent) to cover listing expenses.

-- BERNAMA