FGL, PLANET QEOS agree to develop 310 MWp solar-plus-storage SPV

Rhea-AI Filing Summary

Founder Group Limited reported a Heads of Agreement with PLANET QEOS Sdn. Bhd. to jointly develop a large-scale renewable energy facility in Sarawak, Malaysia, valued at up to RM1.16 billion [USD276 million]. The project is described as a 310 MWp solar-plus-storage development anchoring a regional green data centre.

The parties intend to form a special purpose vehicle, with Founder Group to hold 45% and PLANET QEOS 55%, and expect to enter a joint venture and shareholders’ agreements to govern the SPV. The arrangement sets a commercial framework and completion is subject to the negotiation and execution of definitive agreements and customary closing conditions.

Insights

Project finance and energy analyst

Significant renewable project announced, contingent on definitive agreements.

Founder Group disclosed a Heads of Agreement to co-develop a Sarawak renewable facility valued up to RM1.16 billion [USD276 million]. The structure anticipates an SPV with a 45%/55% split between Founder Group and PLANET QEOS, aligning governance through future JV and shareholders’ agreements.

Because the agreement sets a commercial framework and is expressly subject to definitive agreements and customary closing conditions, execution risk remains until contracts are signed. The project scope includes a 310 MWp solar-plus-storage build that would anchor a regional green data centre, indicating substantial scale if completed.

Key items to watch include the signing of definitive agreements and any disclosed financing, permitting, and construction milestones. Subsequent filings may provide further detail on capital commitments and timelines.

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16

OR 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of September 2025

Commission File Number 001-42379

Founder Group Limited

No. 17, Jalan Astana 1D, Bandar Bukit Raja, 41050 Klang,
Selangor Darul Ehsan, Malaysia

(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F ☒ Form 40-F ☐

On September 26, 2025, Founder Group Limited (the “Company”) announced the execution of a Heads of Agreement (the “Agreement”) with PLANET QEOS SDN. BHD., a company incorporated under the laws of Malaysia (“PLANET QEOS”), for the joint development of a pioneering, large-scale renewable energy facility in Sarawak, Malaysia with estimated value of up to RM1.16 billion [USD276 million] (the “Project”).

For the purpose of the Project, the Company and PLANET QEOS intend to jointly establish a special purpose vehicle (the “SPV”) and to enter into a joint venture agreement and a shareholders’ agreement to govern their respective rights and obligations in the SPV. The Company expects to hold 45% equity interests of the SPV, with PLANET QEOS holding 55%.

The Agreement is intended to set out the commercial framework of the Project and the completion of the transaction is subject to the negotiation and execution of definitive agreements and customary closing conditions.

On September 26, 2025, the Company issued press release relating to the Agreement and the Project, a copy of which is attached hereto as Exhibit 99.1, and is incorporated herein by reference.

Exhibits

Exhibit No.		Description
99.1		Press Release-Founder Group Limited Announces Landmark RM1.16 billion [USD276 million] 310 MWp Solar-Plus-Storage Project in Sarawak, Anchoring Regional Green Data Centre, dated September 26, 2025

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SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	Founder Group Limited
	By:	/s/ Lee Seng Chi
	Name:	Lee Seng Chi
	Title:	Chief Executive Officer, Director, and Chairman of the Board of Directors

Date: October 16, 2025

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FAQ

What did FGL announce in its 6-K?

Founder Group announced a Heads of Agreement with PLANET QEOS to jointly develop a renewable energy project in Sarawak valued at up to RM1.16 billion [USD276 million].

What is the planned ownership split for the SPV in the FGL project?

Founder Group expects to hold 45% of the SPV, with PLANET QEOS holding 55%.

What is the scale of the proposed Sarawak project for FGL?

The exhibit describes a 310 MWp solar-plus-storage project anchoring a regional green data centre.

Is the FGL agreement binding?

The Heads of Agreement sets the commercial framework and completion is subject to the negotiation and execution of definitive agreements and customary closing conditions.

Who is FGL’s partner on the Sarawak project?

FGL’s partner is PLANET QEOS Sdn. Bhd., a company incorporated in Malaysia.

Where will the FGL renewable project be located?

The project is in Sarawak, Malaysia.