Founder Group Secures Additional Contracts with Solar Installation Companies in Malaysia of US$ 1.5 Million

Rhea-AI Summary

Founder Group Limited (NASDAQ: FGL) has secured new contracts worth approximately US$1.5 million with solar installation companies in Malaysia. The first contract, valued at RM3.4 million (US$806,193), involves engineering, procurement, construction, and commissioning for a 29.99 MWac large-scale solar plant in Bukit Badong, Selangor. The second contract, worth RM2.8 million (US$662,452), was awarded by a previous client. Both projects are expected to be completed in 2025. The Company will handle mechanical and wiring work for the first facility and will serve as a contractor for the design, engineering, procurement, construction, and commissioning of a rooftop solar PV facility for the second project. CEO Lee Seng Chi emphasized these contracts' importance for revenue growth and market expansion.

Positive

• Secured new contracts worth US$1.5 million, demonstrating strong business momentum
• Expanded relationship with existing customer, indicating strong client satisfaction
• Projects expected to complete in 2025, providing near-term revenue visibility
• Company expects additional contracts from these clients over the next few years

Negative

• None.

News Market Reaction

-1.90%

1 alert

-1.90% News Effect

On the day this news was published, FGL declined 1.90%, reflecting a mild negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

KUALA LUMPUR, Malaysia, June 11, 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 (PV) systems in Malaysia, is pleased to announce that it has secured additional contracts with prominent solar installation companies in Malaysia.

The Company secured a contract totaling RM3.4 million (approximately US$806,193) engineering, procurement, construction, and commissioning contract for the development of a 29.99 megawatt (MWac) large-scale solar (LSS) photovoltaic plant in Bukit Badong, Selangor. The Founder Group will be responsible for the mechanical and wiring of the facility.

Further, the Company secured an additional contract valued at RM2.8 million (approximately US$662,452) from the same business that Founder Group contracted with on a previous solar PV project deal which was announced earlier in the year. The business that the Company contracted with has a solid track record in the industry focusing in investment of renewable energy assets throughout Malaysia.

This partnership with two prominent industry players will be a construction contract that is expected to be completed this year. Founder Group has secured contracts with this solar installation company for similar types of facilities and expects additional contracts from them over the next few years.

For one of the projects, Founder Group will serve as a contractor, responsible for the design, engineering, procurement, construction and commissioning of a roof-top solar PV generating facility with nominal capacity.

“We are excited about the continued momentum in securing additional contracts which have been a combination of brand-new partnerships and additional contract wins from our current collaborative business customers. Our latest contracts will be instrumental in enhancing Founder Group’s revenue growth, operational capabilities, and ability to expand our footprint in the Malaysian market. Additionally, we look forward to building solid relationships with premiere companies in the industry that are growing in the region and share the same vision of working together to support the country’s renewable energy goals and focused on promoting a greener, more sustainable future,” said Lee Seng Chi, Chief Executive Officer of Founder Group Limited.

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

What is the total value of Founder Group's (FGL) new solar contracts in Malaysia?

Founder Group secured contracts totaling approximately US$1.5 million, comprising a US$806,193 contract for a large-scale solar plant and a US$662,452 contract for a rooftop solar facility.

What type of work will Founder Group (FGL) perform for the Bukit Badong solar project?

For the Bukit Badong 29.99 MWac solar plant, Founder Group will be responsible for the mechanical and wiring work of the facility.

When are Founder Group's (FGL) new Malaysian solar projects expected to be completed?

Both solar projects are expected to be completed within 2025.

What is the capacity of the large-scale solar plant in Bukit Badong?

The large-scale solar photovoltaic plant in Bukit Badong, Selangor will have a capacity of 29.99 megawatt (MWac).

Who is the CEO of Founder Group Limited (FGL)?

Lee Seng Chi is the Chief Executive Officer of Founder Group Limited.