Founder Group Takes 19.9% Stake in SpacePlus EV Charging Network
FGL is trading near its 52-week low of $0.238 (6.6% above the low) on elevated volume (3.1× avg).
Summary
Founder Group acquired a 19.9% stake in Nichcom Go, operator of the SpacePlus EV charging network, marking its entry into Malaysia's fast-growing EV infrastructure market. The deal gives Founder Group a foothold in a sector projected to reach US$539.4 million by 2030, with SpacePlus already expanding beyond Selangor into Perak, Melaka, and Johor, plus a US partnership via Worksport. CEO Lee Seng Chi sees synergy with Founder Group's solar EPCC and BESS capabilities to power charging stations sustainably. The investment is modest relative to Founder Group's market cap but strategically significant as it diversifies revenue beyond solar projects. Watch for further announcements on capital deployment and integration milestones.
At the time of this announcement, FGL was trading at $0.25 on NASDAQ in the Energy & Transportation sector, with a market capitalization of approximately $315.5K. The 52-week trading range was $0.24 to $143.00. This news item was assessed with positive market sentiment and an importance score of 7 out of 10. Source: GlobeNewswire.