KUALA LUMPUR (Aug 20): Urusharta Jamaah Sdn Bhd, a special purpose vehicle under the Ministry of Finance, has emerged as a substantial shareholder of Solarvest Holdings Bhd (KL:SLVEST) with a 5.08% stake.

 Urusharta Jamaah bought three million Solarvest shares on Aug 15, raising its stake to 5.08% or 41.08 million shares, making it a substantial shareholder.

Urusharta Jamaah was initially set up to acquire underperforming assets from Lembaga Tabung Haji.

Besides Urusharta Jamaah, Solarvest’s other substantial shareholders comprise the company’s co-founders, managing director Lim Chin Siu and executive director Tan Chyi Boon.

Lim and Tan collectively hold the largest stake in the company with an 18.88% stake via private vehicle Atlantic Blue Holdings Sdn Bhd. Lim also holds a direct 7.02% interest in Solarvest while Tan holds a 6.53% stake.

For the first quarter ended June 30, 2025 (1QFY2025), Solarvest’s net profit doubled year-on-year (y-o-y) to RM15.88 million from RM7.84 million in 1QFY2024, on the back of ongoing progress in its utility-scale solar projects under the Corporate Green Power Programme (CGPP).

Quarterly revenue surged 89.6% y-o-y to RM137.74 million, from RM72.65 million previously.

Shares in Solarvest ended four sen or 1.66% lower at RM2.37, valuing the company at RM1.92 billion.