RENEWABLE energy (RE) solutions outfit Northern Solar Holdings Bhd has unveiled a proposal to transfer the listing and quotation of its entire issued share capital from the ACE Market to the Main Market of Bursa Malaysia Securities Bhd.
The exercise marks a key milestone for the solar engineering, procurement, construction and commissioning (EPCC) provider following its successful listing on the ACE Market on Feb 6 last year.
More broadly, its transfer to the Main Market reflects the group’s proven financial track record, expanding operational scale and strengthened position within Malaysia’s RE sector.
Northern Solar has met the profit requirements under the Securities Commission Malaysia’s (SC) Equity Guidelines by having posted an aggregate profit after tax (PAT) of approximately RM27.6 mil over its past three financial years ended March 31, 2025 and RM30.4 mil on an adjusted basis after excluding non-recurring items.
Its PAT for the most recent financial year stood at RM11.4 mil or RM14.2 mil on an adjusted basis.
Moreover, the group also maintains a healthy financial position which is supported by cash and bank balances of RM52.2 mil, a low gearing ratio of 0.15 times and a strong liquidity profile with a current ratio of 4.48 times.
Additionally, Northern Solar has also generated positive operating cash flow over the past three financial years, underpinning its ability to support future growth.
“The proposed transfer represents a natural progression for Northern Solar as we continue to scale our operations,” commented the group’s managing director Lew Shoong Kai.
“It reflects not only our financial track record but also our readiness to operate at a higher level of market visibility and governance.”
Added Lew: “As the RE sector continues to expand under Malaysia’s energy transition roadmap, we believe a Main Market listing will place us in a stronger position to engage institutional investors and support our next phase of growth.”
The proposals are subject to approvals from the SC, Bursa Malaysia Securities and shareholders of Northern Solar at a forthcoming general meeting.
Barring any unforeseen circumstances, the exercise is expected to be completed in 2H 2026.
At the close of today’s (March 25) market trading, Northern Solar was up 4 sen or 6.67% to 64 sen with 39,100 shares traded, thus valuing the company at RM253 mil. – March 25, 2026
