KUALA LUMPUR: Reservoir Link Energy Bhd said it expects to complete the listing of its 2021 acquired Founder Energy Sdn Bhd on the US NASDAQ exchange by end of the year.
In a statement issued today, the company said it has completed more than 1.5 GigaWatt (GW) of solar projects since its diversification into the solar renewable energy segment back in 2021.
"Our bold venture into the realm of solar energy has been incredibly gratifying given the positive growth trajectory that we have experienced from this segment, which even exceeded our initial expectations where it has now become one of our key revenue contributors," Reservoir Link Executive deputy chairman Thien Chiet Chai said.
"We believe that this is just the beginning of our journey given the imminent listing of Founder Energy on the NASDAQ stock exchange, scheduled to be completed this year. We are truly excited for what the future holds for us as we continue to chart the course for a cleaner tomorrow in line with the growing adoption of renewables accelerating the shift towards the transition to clean energy for a more sustainable future, " he added.
Reservoir Link posted a net loss of RM333,000 for the nine-month period ended Mar 31, 2024, compared with a net profit of RM4.1 milion for the same period in financial year 2023.
This was on 20 per cent higher revenue of RM142.6 million for the period in financial year 2024.
Reservoir Link share price was down 5.6 per cent to 33.5 sen a share, giving it a market capitalisation of RM106 million.