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OTHERS SOLARVEST HOLDINGS BERHAD ("SOLARVEST" OR "COMPANY") - QUARTERLY UPDATES ON THE STATUS OF UTILISATION OF PROCEEDS FROM PRIVATE PLACEMENT
SOLARVEST HOLDINGS BERHAD
Type
Announcement
Subject
OTHERS
Description
SOLARVEST HOLDINGS BERHAD ("SOLARVEST" OR "COMPANY") - QUARTERLY UPDATES ON THE STATUS OF UTILISATION OF PROCEEDS FROM PRIVATE PLACEMENT
(Capitalised terms used herein, unless otherwise defined, shall have the meanings as described to them in the announcements dated 21 October 2025, 22 October 2025, 23 October 2025, 27 October 2025, 29 October 2025, 7 November 2025 and 24 February 2026 in relation to the Private Placement ("Private Placement Announcements").
Further to the Private Placement Announcements, the Board of Directors of Solarvest wishes to announce that RM240,000 out of the gross proceeds of approximately RM257,488,000 raised from the Private Placement has been utilised, representing approximately 0.09% of the gross proceeds.
The status of the utilisation of proceeds raised from the Private Placement as of 20 May 2026 is as follows:-
Purpose
Status of Projects
Proposed Utilisation of Proceeds
(RM'000)
Actual Utilisation
(RM'000)
Balance to be Utilised
(RM'000)
Utilised
(%)
Estimated Timeline for Utilisation of Proceeds
Capital expenditure for solar photovoltaic projects
All projects# are still under pre-construction phase.
124,600
-
-
-
Within 24 months
Repayments of borrowings
N/A
50,000
-
-
-
Within 12 months
Working capital requirements
N/A
*82,648
-
-
-
Within 12 months
Estimated expenses in relation to the Private Placement
N/A
240
240
0
100.00
Within 1 month
Total
257,488
240
-
0.09
* Actual excess proceeds raised were allocated to working capital requirements as disclosed in the Private Placement Announcement dated 21 October 2025.
# The projects included the solar photovoltaic projects in Kuala Langat, Selangor, Larut and Matang, Perak and Mukah, Sarawak. The Private Placement was completed following the listing of and quotation for up to 84,700,000 placement shares on the Main Market of Bursa Malaysia Securities Berhad on 7 November 2025.
The proceeds have been partially utilised in accordance with the utilisation of proceeds as disclosed in the Private Placement Announcements.