BIOENERGY-based Elridge Energy Holdings Bhd has welcomed its re-classification to both the Energy sector and Renewable Energy subsector which came into effect on Jan 13 following Bursa Malaysia’s move to update its sector and subsector classifications.
The Shariah-compliant ACE Market counter believes this exercise would better reflect its core business activities by enhancing the group’s appeal to a more diverse range of local and international investors.
This move could also boost the company’s visibility among environmentally conscious stakeholders while offering investors the opportunity to benefit from the growing global demand for clean energy solutions.
“Bursa Malaysia’s re-classification provides for a more accurate and relevant categorisation of publicly listed companies like ours,” commented Elridge Energy’s executive director and CEO Oliver Yeo.
“We foresee that this could help us open new doors for strategic partnerships while attracting discerning institutional and retail investors who prioritise ‘green’ stocks.”
Through its subsidiary Bio Eneco Sdn Bhd, Elridge Energy has established itself as a player in the manufacturing and trading of biomass fuel products, namely palm kernel shells (PKS) and wood pellets.
These renewable energy sources are vital for electricity generation in power plants as fuel in industrial boilers play a critical role in reducing reliance on fossil fuels. The renewable energy sector is poised for exponential growth both globally and locally.
As part of its Renewable Energy Roadmap, Malaysia aims to achieve 31% renewable energy capacity by 2025 and 40% by 2035. These ambitious targets present significant opportunities for companies like Elridge Energy which is at the forefront of sustainable energy solutions.
At the close of yesterday’s (Jan 17) trading, Elridge Energy was up 0.5 sen or 1.09% to 46.5 sen with 4.16 million shares traded, thus valuing the company at RM930 mil. – Jan 18, 2025
