Kuala Lumpur, 29 May – Regional clean energy expert, Solarvest Holdings Berhad (“Solarvest” or “the Group”) today announced that the Group has subscribed for 45,000,000 new ordinary shares in Hartanah Kenyalang Berhad (“HKB”) via a private placement exercise at an issue price of RM0.275 per placement share, for a total subscription consideration of RM12,375,000, which was fully funded through internally generated funds (“Investment”).
HKB is a public company listed on the ACE Market of Bursa Malaysia Securities Berhad in 2025. The HKB Group is principally involved in building and infrastructure construction services, with a primary focus on projects in Sarawak. HKB Group has established a proven track record in delivering government infrastructure and public facility projects, including schools, roads, bridges, drainage systems, office buildings, and other civil engineering works.
The Investment aligns with Solarvest’s strategic objective to strengthen its integrated clean energy ecosystem in East Malaysia. Through the acquisition of a substantial equity stake in HKB, Solarvest aims to further reinforce its market leadership position through an expanded presence and capabilities in East Malaysia.
Building on Solarvest’s clean energy expertise and established presence in Sarawak, together with HKB’s strong local market network and executional experience, this strategic investment aligns with Malaysia’s broader aspirations under the National Energy Transition Roadmap (“NETR”) to accelerate clean energy adoption, strengthen national energy security, and enhance the country’s energy infrastructure ecosystem.
At the state level, Sarawak continues to strengthen its position as a regional renewable energy and sustainable industrial hub under the Post COVID-19 Development Strategy 2030 (“PCDS 2030”), anchored by the growing industrialisation and continued investments into the development of next-generation sustainable energy infrastructure ecosystems.
Pursuant to the Investment, Solarvest has become a substantial shareholder of HKB, holding a 6.60% of its enlarged issued capital. The issue price represents a discount of 36% to the market price of RM0.43, being its last closing price on 28 May 2026.
Executive Director and Group Chief Executive Officer of Solarvest, Dato’ Davis Chong Chun Shiong (张俊雄) said, “Malaysia’s energy transition requires not only renewable energy generation capacity, but also long-term investments into grid resilience, energy storage systems, and supporting infrastructure capable of sustaining future economic growth and energy demand. As the nation progresses towards its 2050 renewable energy aspirations, East Malaysia has become an important growth corridor for renewable energy infrastructure development, supported by its strategic location, growing industrial activities, and increasing energy demand.
This strategic investment reflects Solarvest’s continued commitment to deepening our regional impact while strengthening our position across the clean energy value chain. Together with HKB, we are building a stronger task force to further expand our contribution towards the development of critical energy infrastructure that supports the state’s energy transition, industrial competitiveness, and energy security.”