Founder Group Soothes Investors Re:Wind Down
Founder Group Limited (NASDAQ: FGL), a leading engineering, procurement, construction, and commissioning (EPCC) solutions provider for solar photovoltaic systems in Malaysia, assures investors that the Company will not be impacted by a U.S. Senate panel’s proposed wind down of solar power tax credits by 2028.
Said CEO Lee Seng Chi, “Founder Group operates primarily in Malaysia and doesn’t have operations in the U.S. Therefore, the Company should not be affected by the sentiments currently causing selloffs of U.S. solar power stocks.”
“Although we are listed on Nasdaq and trade alongside U.S. solar power stocks, we will not be impacted by the possible elimination of those tax credits.”
“Our revenue is predominantly generated from the Malaysian market hence we are not affected by the changes suggested by President Donald Trump’s tax cut and spending bill,” Lee continued. “In the near future, our expansion will focus on regional expansion in Southeast Asia only. Expansion to the U.S. is not in our current plans.”
“Founder Group”, according to this morning’s news release, “is a pure-play, end-to-end EPCC solutions provider for solar PV facilities in Malaysia. The company’s primary focus is on two key segments: large-scale solar projects and commercial and industrial (C&I) solar projects.
“The company’s mission is to provide customers with innovative solar installation services, promote eco-friendly resources and achieve carbon neutrality.”
FGL shares dipped four cents, or 4.9%, to 73 cents.
