FGL Shares Soar 47% on RM17.4B Solar EPCC Pipeline and Sarawak Project

Introduction

FOUNDER GROUP LTD (ticker: FGL) is a Nasdaq-listed engineering, procurement, construction and commissioning (EPCC) solutions provider for solar photovoltaic systems in Malaysia. Trading on the Nasdaq Capital Market under the symbol “FGL,” the company focuses on large-scale solar and commercial & industrial solar projects. On November 3, 2025, its share price closed at $0.4881, reflecting a 47.20% increase on a volume of 8,707,310 shares.

Corporate Structure

Founded in 2021 and headquartered in Klang, Malaysia, FGL operates two business segments: large-scale solar projects and commercial & industrial (C&I) solar systems. The company’s share capital was restructured under a dual-class structure effective July 16, 2025, introducing Class A ordinary shares without par value. These Class A shares began trading on July 29, 2025. As of May 19, 2025, Avondale Capital, LLC holds 1,939,587 shares (9.9% of outstanding stock) with sole voting and dispositive power.

FGL entered into an agreement on October 16, 2025, to form a special purpose vehicle in Sarawak, Malaysia, for a 310 MWp renewable energy facility, in which it will hold a 45% equity stake.

Solar Energy by Andreas Gücklhorn

Recent Developments and News

• September 24, 2025: FGL announced that up to RM17.4 billion (USD 4.1 billion) of solar EPCC contract value is expected to support green energy, data center, and AI infrastructure expansion in Malaysia through 2028.
• October 10, 2025: An amended Schedule 13G/A filing confirmed Avondale Capital’s 9.9% ownership cap under a Pre-Paid Purchase agreement.
• October 16, 2025: A Form 6-K disclosed a heads-of-agreement with PLANET QEOS SDN. BHD. for a RM1.16 billion (USD 276 million) renewable energy facility in Sarawak, subject to definitive agreements and customary closing conditions.
• July 16–29, 2025: Amendments to the memorandum and articles of association in the British Virgin Islands facilitated the introduction of dual-class shares, with Class A shares commencing trading on July 29, 2025.

Financial and Strategic Analysis

According to Yahoo Finance data as of October 31, 2025:

• Market capitalization stands at approximately USD 6.7 million (intraday) with trailing twelve-month revenue of USD 90.34 million.
• Net income (TTM) was –USD 5.15 million, yielding an EPS of –USD 0.07.
• Price/Sales ratio is 0.39 and Price/Book is 2.25, while total cash on hand is USD 13.9 million against a debt-to-equity ratio of 209.02%.

Strategically, FGL’s pipeline includes large utility-scale solar, rooftop, and corporate renewable energy supply projects. A memorandum of understanding with GCL Systems Integration Technology Co. Ltd., valued at up to USD 220 million, aims to advance collaborative EPCC work across ASEAN. The company is also exploring AI-driven project management and operational tools.

Market Position and Industry Context

Malaysia’s renewable energy sector is supported by initiatives such as LSS Petra and LSS Petra 5+, which anticipate contract awards totaling RM12 billion for approximately 6 GW of installed capacity by 2027. The Corporate Renewable Energy Supply Scheme (CRESS) is expected to generate an additional RM5 billion of EPCC work, driven by a tariff adjustment for data centers. With solar panel prices projected to stabilize in 2025, EPCC contractors like FGL are positioned to capture market share in both utility-scale and C&I segments through 2028.

tl;dr

FGL shares increased 47.2% on November 3, 2025, following news of up to RM17.4 billion in solar EPCC contracts through 2028 and a RM1.16 billion Sarawak project in partnership with PLANET QEOS. Class A ordinary shares have been trading since July 29, 2025, under the dual-class structure. Avondale Capital holds a 9.9% stake. FGL’s collaborations with GCL and involvement in LSS Petra, LSS Petra 5+, and CRESS schemes are key elements of its growth strategy.