KUALA LUMPUR (April 16): Gading Kencana Sdn Bhd, a homegrown solar power producer and installer, is planning a listing on Bursa Malaysia by the fourth quarter of 2027 as it positions itself to tap capital markets amid the energy transition.
However, Gading Kencana did not disclose the size of the offering or which market on Bursa it intends to list on.
The company, which operates and develops large-scale solar (LSS) assets, has 123 megawatts (MW) of generation capacity across projects in operation and under construction, it said in a statement on Thursday.
Gading Kencana is among 14 firms shortlisted for SME Corp Malaysia’s Bumiputera Rapid Acceleration Value Enhancement (Brave) programme, an initiative designed to prepare high-potential companies for public listings.
The selection reflects the firm’s “clear and effective” environmental, social and governance (ESG) framework, managing director Datuk Guntor Tobeng said.
Participation in the programme has provided access to investment banks, equity investors and other stakeholders, helping the company assess listing readiness and refine its IPO strategy, he added.
"We have been given a wealth of knowledge and guidance that were important in arriving at our decision for IPO and to make the necessary preparation," said Guntor. He holds a 63.45% direct stake in the firm, with the remainder owned by his spouse and fellow director Datin Hasnah Awang.
The company’s solar portfolio includes a 44MW project in Bidor, Perak under the Corporate Green Power Programme, a 34MW facility under third party power purchase agreement, a 37MW plant under the first LSS cycle, and an 8MW installation in Ayer Keroh, Melaka under the Feed-in Tariff scheme.
Beyond utility-scale assets, Gading Kencana installs rooftop solar systems for residential, commercial and industrial clients, and offers third-party power purchase agreements through a zero-capex model.
The company plans to expand its role in Malaysia’s energy transition, Guntor said.
The Brave programme, led by the Ministry of Entrepreneur Development and Cooperatives, aims to boost Bumiputera participation in capital markets by supporting IPO strategy, investor relations and corporate governance development.