Wawasan Dengkil Holdings Bhd is poised to expand its footprint in solar farm infrastructure projects, capitalizing on Malaysia’s accelerated push for renewable energy under the National Energy Transition Roadmap (NETR) and the Large-Scale Solar (LSS) programme.
The construction services company, which is set to debut on the ACE Market on March 25, has submitted six bids worth a collective RM572.2 million for solar farm infrastructure projects, out of a broader RM1.3 billion tender book. Executive Director Lim Soon Yik revealed these details during the company’s prospectus launch press conference on Friday.
Strategic Expansion into Renewable Energy
“We are sharpening our expertise in solar farm projects, with six of our 44 tender submissions dedicated to this sector, amounting to approximately RM572 million,” said Lim. “The government’s strong commitment to renewable energy projects opens up significant opportunities, and we are positioning ourselves to capitalize on this momentum.”
One of Wawasan Dengkil’s notable completed projects includes the Bidor solar photovoltaic (PV) development, a 50 MWac LSSPV plant commissioned by Fabulous Sunview Sdn Bhd. Valued at RM9.4 million, the project was successfully completed in September 2023.
Strengthening Leadership for a Sustainable Future
To reinforce its market position, Wawasan Dengkil has made key strategic board appointments, including Datuk Chow Pui Hee, Managing Director of Samaiden Group Bhd (KL:SAMAIDEN), and Thien Chiet Chai, Executive Deputy Chairman of Reservoir Link Energy Bhd (KL:RL). Lim emphasized that their industry expertise and extensive networks will enhance the company’s capabilities and competitiveness in the renewable energy sector.
Currently, Wawasan Dengkil’s primary role in solar farm projects revolves around earthworks and civil engineering—laying the groundwork for engineering, procurement, construction, and commissioning (EPCC) contractors. “We set the stage for EPCC contractors before they install the structures. This is our core competency,” Lim explained.
Long-Term Growth in Renewable Energy
Although revenue contributions from solar projects remain modest at present, Lim remains optimistic about future growth, particularly in light of the recently announced LSS5 results.
“We anticipate stronger contributions in the coming years. At this stage, the successful tenders have yet to open for bid, so it’s too early to quantify the direct revenue impact. However, we expect to see a positive trajectory as more projects come online,” he noted.
IPO to Fund Future Expansion
Wawasan Dengkil’s upcoming initial public offering (IPO) aims to raise up to RM40.51 million through its ACE Market listing. Priced at 25 sen per share, the IPO comprises RM27.01 million from the public issuance of new shares and RM13.5 million from an offer-for-sale of existing shares, which will accrue entirely to Lim and his family as selling shareholders.
The IPO application window is currently open and will close on March 11. The company intends to leverage the proceeds to further expand its capabilities in the renewable energy sector, reinforcing its commitment to supporting Malaysia’s transition towards a greener, more sustainable future.
Comments