Founder Group Management Comments on Market Conditions in the U.S. for Solar Power Companies’ Stocks

Rhea-AI Summary

Founder Group Limited (NASDAQ: FGL), a Malaysian EPCC solutions provider for solar photovoltaic systems, has addressed investor concerns regarding U.S. solar market conditions. CEO Lee Seng Chi emphasized that the company's operations, primarily based in Malaysia, will not be affected by the proposed wind down of U.S. solar power tax credits by 2028. Despite being listed on Nasdaq, FGL generates its revenue predominantly from the Malaysian market and plans to focus future expansion within Southeast Asia, with no current plans for U.S. market entry. The statement comes amid selloffs in U.S. solar power stocks due to potential policy changes.

Positive

• Company's business model is insulated from U.S. solar tax credit changes
• Strategic focus on Southeast Asian market expansion
• Strong regional market presence in Malaysia

Negative

• Limited geographical diversification with focus only on Southeast Asia
• Potential market perception issues due to being grouped with U.S. solar stocks

KUALA LUMPUR, Malaysia, June 20, 2025 (GLOBE NEWSWIRE) -- Founder Group Limited (NASDAQ: FGL) (“Founder Group” or the “Company”), a leading engineering, procurement, construction, and commissioning (EPCC) solutions provider for solar photovoltaic systems in Malaysia, assures investors that the Company will not be impacted by a U.S. Senate panel’s proposed wind down of solar power tax credits by 2028.

“Founder Group operates primarily in Malaysia and doesn’t have operations in the U.S. Therefore, the Company should not be affected by the sentiments currently causing selloffs of U.S. solar power stocks,” said Lee Seng Chi, Chief Executive Officer of Founder Group Limited. “Although we are listed on Nasdaq and trade alongside U.S. solar power stocks, we will not be impacted by the possible elimination of those tax credits.”

“Our revenue is predominantly generated from the Malaysian market hence we are not affected by the changes suggested by President Donald Trump’s tax cut and spending bill,” Mr. Lee continued. “In the near future, our expansion will focus on regional expansion in Southeast Asia only. Expansion to the U.S. is not in our current plans.”

About Founder Group Limited

Founder Group Limited is a pure-play, end-to-end EPCC solutions provider for solar PV facilities in Malaysia. The company’s primary focus is on two key segments: large-scale solar projects and commercial and industrial (C&I) solar projects. The company’s mission is to provide customers with innovative solar installation services, promote eco-friendly resources and achieve carbon neutrality.

For more information on the Company, please visit https://www.founderenergy.com.my/.

Safe Harbor Statement

This press release contains forward-looking statements that reflect our current expectations and views of future events. Known and unknown risks, uncertainties and other factors, including those listed under “Risk Factors” in the Company’s filings with the U.S. Securities and Exchange Commission, may cause our actual results, performance or achievements to be materially different from those expressed or implied by the forward-looking statements. You can identify some of these forward-looking statements by words or phrases such as “may,” “will,” “expect,” “anticipate,” “aim,” “estimate,” “intend,” “plan,” “believe,” “is/are likely to,” “potential,” “continue” or other similar expressions. We have based these forward-looking statements largely on our current expectations and projections about future events that we believe may affect our financial condition, results of operations, business strategy and financial needs. These forward-looking statements involve various risks and uncertainties. Except as required by law, we undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events. We qualify all of our forward-looking statements by these cautionary statements.

CONTACT INFORMATION:

For media queries, please contact:

Founder Group Limited
info@founderenergy.com.my

Investor Relations Inquiries:

Skyline Corporate Communications Group, LLC
Scott Powell, President
1177 Avenue of the Americas, 5th Floor
New York, New York 10036
Office: (646) 893-5835
Email: info@skylineccg.com

FAQ

How will the U.S. solar tax credit wind down affect Founder Group (FGL) stock?

According to CEO Lee Seng Chi, Founder Group will not be affected by the U.S. solar tax credit changes as the company operates primarily in Malaysia and has no U.S. operations.

What are Founder Group's (FGL) expansion plans for 2025?

Founder Group plans to focus on regional expansion within Southeast Asia, with no current plans to enter the U.S. market.

Where does Founder Group (FGL) generate most of its revenue?

Founder Group generates its revenue predominantly from the Malaysian market.

Why is Founder Group (FGL) stock affected by U.S. solar market sentiment?

While Founder Group is listed on Nasdaq and trades alongside U.S. solar stocks, the company's operations are independent of U.S. market conditions and tax policies.

What is Founder Group's (FGL) main business?

Founder Group is a leading engineering, procurement, construction, and commissioning (EPCC) solutions provider for solar photovoltaic systems in Malaysia.