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VSOLAR GROUP BERHAD — Capital/Financing Update 2026
May 28, 2026
71849_rns_2026-05-28_db796a01-fb9f-4d7c-8f0d-d975368c3e8a.pdf
Capital/Financing Update
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COMPANY : VSOLAR GROUP BERHAD (VSOLAR OR THE COMPANY)
SUBJECT : OTHERS
DESCRIPTION : QUARTERLY UPDATES ON THE STATUS OF UTILISATION OF PROCEEDS
(For consistency, the abbreviations used throughout this announcement shall have the same meanings as defined in the previous announcements in relation to:
(i) the Private Placement January 2021;
(ii) the Private Placement June 2021; and
(iii) the Rights Issue with Warrants 2024.
where applicable, unless stated otherwise or defined herein.)
The Board of Directors of Vsolar wishes to announce that, pursuant to the condition imposed by Bursa Malaysia Securities Berhad on the approval for the listing of the Rights Issue with Warrants via the approval letter dated 17 March 2023, which was subsequently completed on 5 April 2024, Vsolar is required to provide quarterly updates via Bursa LINK (simultaneously with the submission of Quarterly Report) on the following:
| a) | The status of each of the event, project or purpose for which the total proceeds raised from the the Private Placement January 2021, Private Placement June 2021 and Rights Issue with Warrants 2024 are utilised for, including but not limited to, the percentages of completion of projects/initiatives; | As disclosed under item (d) below. |
|---|---|---|
| b) | Where relevant, details on where the balance of proceeds raised is being placed (pending utilisation). If it is parked with asset management company/fund manager, to disclose the name of the asset management company/fund manager. | The remaining proceeds that have yet to be utilised are placed in a money market fund with RHB Asset Management, Maybank, CIMB Bank, UOB Bank and other financial institutions. |
| c) | The summary of placement shares issued and allotted as follows: |
Private Placement January 2021
(i) Date of price fixing and issuance of date of placement shares (each tranche).
(ii) Quantity of placement shares issued and allotted.
(iii) Issue price and basis in arriving at (each tranche). | Date of Price Fixing: 6 January 2021
Date of Issuance of Placement Shares: 8 January 2021
245,193,000
The issue price of RM0.0378 represents a discount of 9.79% to the 5-day VWAP of the shares up to and including 5 January 2021 of RM0.0419, being the last market day immediately preceding the price-fixing date. |
| (iv) Aggregate number of placement shares issued and allotted as at the end of each quarter | 245,193,000 | |
|---|---|---|
| Private Placement June 2021 | ||
| (i) Date of price fixing and issuance of date of placement shares (each tranche). | First Tranche | |
| Date of Price Fixing: 4 May 2021 | ||
| Date of Issuance of Placement Shares: 12 May 2021 | ||
| Second Tranche | ||
| Date of Price Fixing: 31 May 2021 | ||
| Date of Issuance of Placement Shares: 9 June 2021 | ||
| Third Tranche | ||
| Date of Price Fixing: 11 June 2021 | ||
| Date of Issuance of Placement Shares: 16 June 2021 | ||
| (ii) Quantity of placement shares issued and allotted. | First Tranche | |
| 170,000,000 | ||
| Second Tranche | ||
| 200,000,000 | ||
| Third Tranche | ||
| 476,215,000 | ||
| (iii) Issue price and basis in arriving at (each tranche). | First Tranche | |
| The issue price of RM0.0225 represents a discount of 19.35% to the 5-day VWAP of the shares up to and including 3 May 2021 of RM0.0279, being the last market day immediately preceding the price-fixing date. | ||
| Second Tranche | ||
| The issue price of RM0.0161 represents a discount of 19.9% to the 5-day VWAP of the shares up to and including 28 May 2021 of RM0.0201, being the last market day immediately preceding the price-fixing date. | ||
| Third Tranche | ||
| The issue price of RM0.0161 represents a discount of 19.9% to the 5-day VWAP of the shares up to and including 10 June 2021 of RM0.0201, being the last market day immediately preceding the price-fixing date. | ||
| (iv) Aggregate number of placement shares issued and allotted as at the end of each quarter | First Tranche | |
| 170,000,000 | ||
| Second Tranche | ||
| 200,000,000 | ||
| Third Tranche | ||
| 476,215,000 |
d) The status of each of the event, project or purpose for which the total proceeds raised from the following fund-raising exercises are utilised for, including but not limited to, the percentages of completion of projects/initiatives are as follow:
(i) Private Placement January 2021
The Private Placement January 2021 has been completed following the listing and quotation of 245,193,000 placement shares, being the first and final tranche of placement shares for the private placement, on the ACE Market of Bursa Malaysia Securities Berhad (Bursa Securities) on 11 January 2021.
| Purpose | Project Name | Location | Percentage of completion of the projects/ initiatives | Proposed Utilisation RM’000 | Actual Utilisation RM’000 | Reallocation RM’000 | Unutilised Proceeds RM’000 | Utilisation timeframe (from listing of shares) |
|---|---|---|---|---|---|---|---|---|
| Working capital for solar PV projects | 1. SPARK Solar PV System | KL | 95% | 8,823 | (9,130) | 307 | - | Within 48 months |
| 2. Menara Symphony | Petaling Jaya, Selangor | 100% | ||||||
| 3. ASPEN Garden Residence | Cyberjaya, Selangor | 100% | ||||||
| 4. Terengganu (P1) | Marang, Terengganu | 75% | ||||||
| 5. Terengganu (P2) | Marang, Terengganu | 100% | ||||||
| 6. LSS Kedah | Kulim, Kedah | 60% | ||||||
| Estimated expense | - | - | - | 445 | (138) | (307) | - | Immediate |
| Total | 9,268 | (9,268) | - | - |
(ii) Private Placement June 2021
The Private Placement June 2021 has been completed following the listing and quotation of 846,215,000 placement shares, being three tranches of placement shares for the private placement, on the ACE Market of Bursa Securities on 17 June 2021.
| Purpose | Project Name | Location | Percentage of completion of the projects/ initiatives | Proposed Utilisation RM’000 | Actual Utilisation RM’000 | Reallocation RM’000 | Unutilised Proceeds RM’000 | Utilisation timeframe (from listing of shares) |
|---|---|---|---|---|---|---|---|---|
| Working capital for solar PV projects | 1. Terengganu (P1) | Marang, Terengganu | 100% | 13,642 | (10,710) | 715 | 3,647 | Within 60 months |
| 2. LSS Kedah | Kulim Kedah | 90% | ||||||
| 3. Starken | Perak | 95% | ||||||
| 4. Arch | KL | 100% | ||||||
| 5. LSSP 9.5MW | Kuala Langat, Sel | 50% | ||||||
| 6. TTDI Hills | KL | 5% | ||||||
| Estimated expense | - | - | - | 1,070 | (355) | (715) | - | Immediate |
| Total | 14,712 | (11,065) | - | 3,647 |
(iii) Rights Issue with Warrants 2024
The Rights Issue with Warrants 2024 has been completed following the listing of and quotation for 336,093,017 rights shares and 168,046,493 warrants C on the ACE Market of Bursa Securities on 5 April 2024.
The status of each of the event, project or purpose for which the total proceeds raised from the Rights Issue with Warrants 2024 are utilised for, including but not limited to, the percentages of completion of projects/initiatives is as follow:
| Purpose | Project Name | Location | Percentage of completion of the projects/ initiatives | Proposed Utilisation RM’000 | Actual Utilisation RM’000 | Reallocation RM’000 | Unutilised Proceeds RM’000 | Utilisation timeframe (from listing of shares) |
|---|---|---|---|---|---|---|---|---|
| Funding for Solar PV leasing projects | - | - | - | 24,279 | - | - | 24,279 | Within 36 months |
| To acquire existing Solar Photovoltaic (PV) rooftop system | 1. Oversea | KL Selangor | 90% | 8,330 | (8,330) | - | - | Within 12 months from the variation |
| 2. Komark | Langkawi | 90% | ||||||
| 3. Langkawi Fair Mall | P.Pinang | 10% | ||||||
| Estimated expense for the Rights Issue with Warrants | - | - | - | 1,000 | (1,000) | - | - | Within 1 month |
| Total | 33,609 | (9,330) | - | 24,279 |
This announcement is dated 29 May 2026.