Interest in Vsolar shares spike in afternoon trade

KUALA LUMPUR (June 29): Interest in ACE Market-listed Vsolar Group Bhd spiked this afternoon, with 366.55 million shares traded, far exceeding the counter's 200-day average volume of 14.68 million.

As at 3.40pm, the solar energy stock was up 36.36% at its intraday high of 7.5 sen — which was also its highest year to date (YTD).

At the close of trading, Vsolar settled at seven sen, an increase of 27.27% from last Friday's close. It was the day's second most active counter on Bursa Malaysia.

Vsolar's market capitalisation stood at RM28.76 million, compared with RM8.22 million on March 16, when the stock was trading at two sen, its lowest for this year. YTD, the stock's value has increased by 40%.

On June 19, Vsolar announced that it had roped in Lambo Group Bhd executive director Koo Kien Yoon to be its new executive director. Koo, 43, replaced Leung Kok Keong who relinquished the position due to personal commitments.

Three days earlier, the loss-making firm said it was looking into developing a large-scale solar facility under the Energy Commission’s[email protected]programme.

The group plans to bid for a quota under the programme, with the support of Mattan Engineering Sdn Bhd as the engineering, procurement, construction and commissioning partner to develop the project.

Vsolar said Mattan has the expertise and a tremendous track record for managing and integrating multidisciplined renewable energy projects in Malaysia.

For the second quarter ended Dec 31, 2019, the group's net loss widened to RM1.74 million from a net loss of RM291,000 a year earlier, dragged by its share-based payment of RM1.27 million under the employee share option scheme.

Quarterly revenue also dropped to RM182,000 from RM1 million previously.