In a bourse filling today, Sunview said it is set to meet Bursa’s Bumiputera equity condition for companies seeking listing on the Main Market by March 31, 2024 after posting a profit after tax of RM13.01 million for FY2023.

Based on Bursa’s requirements, the group is required to allocate 12.5% of its enlarged issued share capital to Bumiputera investors to be approved by the ministry of investment, trade and industry (Miti) within one year after triggering the profit requirement for companies seeking listing on the bourse.

The new share issuance is expected to raise about RM48.54 million, based on an issuance price of 66 sen per share. The company intends to use the proceeds to finance its working capital. The issuance is expected to be completed by the first quarter of next year.

Sunview has made major strides in renewable energy, with a compound annual growth rate (CAGR) exceeding 90% in the past four years, and has secured and completed 650MWp of solar projects.

Sunview’s shares ended 1.5 sen or 2.1% lower at 70 sen today, giving it a market capitalisation of RM325.36 million.