Sunview secures RM58.9 mil banking facility to finance solar PV plant in Kuala Langat

KUALA LUMPUR (May 10): Sunview Bhd has secured a banking facility of up to RM58.9 million to finance the development of a large solar scale photovoltaic (PV) plant of 26 MW at Mukim Tanjung Dua Belas in Kuala Langat.

Its wholly-owned subsidiary Fabulous Sunview Sdn Bhd accepted the loan facility from United Overseas Bank (Malaysia) Bhd on Wednesday (May 10), according to the renewable energy group's filing.

On Oct 25 last year, Fabulous Sunview had received a RM93.83 million contract from LSS TPG Sdn Bhd — a wholly-owned unit of Advancecon Holdings Bhd — for the development of a 26 MW solar large scale PV plant.

This is the second banking facility that Sunview has secured. In January, it obtained a RM20 million loan facility from Bank Islam Malaysia Bhd to finance its general working requirements as well as invoices related to certain projects awarded to Fabulous Sunview.

Last month, Sunview signed an agreement with Chua Nyok Chong to acquire a 20% stake in Winstar Aluminium Manufacturing Sdn Bhd for RM12 million to expand into the aluminium alloy solar mounting business. Chua owns a 50.54% stake in Winstar.

Basil Power Sdn Bhd and Stellar One Sdn Bhd have ceased to be Sunview’s substantial shareholders after reducing their stakes via off-market deals. Basil disposed of a 9.02% stake by selling 42.22 million shares, while Stellar offloaded 24.15 million shares, or a 5.16% stake in the group.

Basil, whose ultimate shareholder is Asian Greentech Fund, holds 2.56%, while Stella holds 0.54% in Sunview.

Sunview's net profit for the third quarter ended Dec 31, 2022 (3QFY2023) fell to RM2.34 million from RM3.21 million in 2QFY2023 due to higher administrative expenses, although revenue rose to RM96.93 million from RM78.95 million, driven by progress on its ongoing large-scale solar and engineering, procurement, construction and commissioning projects.

Sunview closed 1.5 sen or 2.26% higher at 68 sen on Wednesday, giving it a market capitalisation of RM315.9 million. Its share price has risen 25.93% year to date.