Founder Group Shares Surge 48% on RM17.4B Solar Pipeline and Sarawak JV
By ATTN Desk · Editorial oversight: Sean Han
Introduction
FOUNDER GROUP LTD (NASDAQ: FGL) is a Malaysia-based engineering, procurement, construction, and commissioning (EPCC) solutions provider for solar photovoltaic (PV) systems. Established in 2021 and headquartered in Klang, the company specializes in large-scale solar projects, as well as commercial and industrial installations. As of October 28, 2025, its shares trade at $0.5230, reflecting a 48.54% increase on the day, with a trading volume of 31,148,629.
Corporate Structure and Experience
FOUNDER GROUP LTD is a subsidiary of Reservoir Link Energy Berhad, operating as a dedicated EPCC provider for solar PV facilities in Malaysia. The engineering team collectively possesses over 10 years of experience in civil, structural, mechanical, and electrical works. In July 2025, the company transitioned to a dual-class share structure, issuing Class A Shares while trading under the ticker “FGL” on the Nasdaq Capital Market continues.
Solar Energy by Andreas Gücklhorn
Developments and News
- September 24, 2025: FOUNDER GROUP announced an expected increase in Malaysia’s solar EPCC contract pipeline to approximately RM 17.4 billion (USD 4.1 billion), influenced by the LSS Petra 5, CRESS, and rooftop solar programs.
- September 26, 2025: The company signed a Heads of Agreement with Planet QEOS Sdn. Bhd. for a large-scale renewable energy project in Sarawak. The project will be capitalized 45% by FOUNDER GROUP and 55% by Planet QEOS, with a total estimated project value of RM 1.16 billion (USD 276 million).
- October 10, 2025: An amendment to Schedule 13G/A disclosed that Avondale Capital, LLC and its affiliate Streeterville Capital, LLC beneficially own 1,939,587 shares, equating to 9.99% of the 19,415,289 shares outstanding as of May 19, 2025.
- October 16, 2025: A Form 6-K filing reaffirmed the company’s strategic focus on renewable energy infrastructure and mentioned customary closing conditions for the Planet QEOS venture.
Financial and Strategic Analysis
As of the fiscal trailing twelve months ending September 30, 2025, key metrics include:
| Metric | Value |
|---|---|
| Revenue (TTM) | $90.34 million |
| Net Income (TTM) | –$5.15 million |
| Profit Margin | –5.70% |
| Return on Assets (TTM) | –3.54% |
| Return on Equity (TTM) | –32.28% |
| Price/Sales (TTM) | 0.39× |
| Price/Book (MRQ) | 2.25× |
| Total Cash (MRQ) | $13.9 million |
| Debt/Equity (MRQ) | 209.02% |
| Levered Free Cash Flow (TTM) | $15.08 million |
| Market Capitalization (intraday) | ~$9–10 million |
Strategically, the company utilizes its end-to-end EPCC capabilities to pursue large government-tender projects under Malaysia’s LSS programs and the Corporate Renewable Energy Supply Scheme. The RM 17.4 billion pipeline through 2028 indicates potential revenue visibility. FOUNDER GROUP is also exploring AI-driven engineering and project management solutions aimed at enhancing operations.
Market Position and Industry Context
Malaysia’s solar PV sector has expanded due to initiatives such as LSS Petra, LSS Petra 5+, CRESS, and rooftop schemes. Solar panel prices are anticipated to bottom in 2025, which may enhance project economics for EPCC providers. Recent tariff adjustments for data centers have increased interest in corporate renewable procurement, supporting demand for solar EPCC services. Within this environment, FOUNDER GROUP competes with both regional and local contractors, positioning itself as a specialist with integrated design, procurement, construction, and commissioning capabilities.
tl;dr
On October 28, 2025, FOUNDER GROUP shares rose 48.54% to $0.5230 with high trading volume. In September, the company established a heads-of-agreement for a RM 1.16 billion joint venture in Sarawak and projected an RM 17.4 billion EPCC pipeline through 2028. Institutional ownership was reported at 9.99% following the October 10 Schedule 13G/A. The transition to a dual-class share structure became effective on July 29, 2025. The company’s short-term outlook is bolstered by government renewable energy programs and solar panel price trends.