Founder Group Limited

What they do

Founder Group provides engineering, procurement, construction and commissioning (EPCC) services for solar PV systems, focusing on commercial and industrial (C&I) projects. The company operates primarily through Malaysian subsidiaries, with a 99.99%-owned subsidiary in Thailand and a wholly owned Singapore entity. It has also incorporated Founder Solar Solution Sdn. Bhd. in Malaysia in 2025. The group is headquartered in Klang, Selangor, Malaysia.

Revenue drivers

• Solar EPCC services — Core business is designing and building solar PV systems for commercial and industrial clients; revenue is contract-based, with project size and margins driving total revenue.
• Malaysian market — All material revenue originates from Malaysia, where the company executes projects through local subsidiaries like Founder Energy and Founder Assets.
• Geographic expansion (Thailand and Singapore) — Subsidiaries in Thailand and Singapore are positioned to generate future project revenue, though their current contribution is small relative to Malaysia.

Recent performance

The 20-F covers fiscal years ended December 31, 2025, 2024, and 2023, but the provided excerpt does not include financial figures. The company reported 29,033,700 Class A and 4,000,000 Class B ordinary shares outstanding as of December 31, 2025. No revenue, profit, or backlog data are available in the excerpt. The filing indicates a change in the certifying accountant (Item 16F). The company is a non-accelerated filer and not a shell company.

Strategy

Management is expanding geographically by establishing and using subsidiaries in Thailand and Singapore to tap regional solar demand. The recent incorporation of Founder Solar Solution Sdn. Bhd. in Malaysia suggests continued investment in the domestic solar market. The group is structured to offer end-to-end EPCC services, from engineering to commissioning. The company maintains a focus on the commercial and industrial solar segment, which is a growing niche in the renewable energy market.

Risks

• Market concentration — Revenue is heavily dependent on the Malaysian solar market and is exposed to local regulatory, policy, and economic conditions.
• Project execution risk — EPCC projects carry risks of cost overruns, delays, and performance issues, which could impact margins and profitability.
• Limited financial disclosure in excerpt — The provided text lacks key financial data, making it difficult to assess liquidity, profitability, or cash flow trends.
• International expansion uncertainty — The Thai and Singapore subsidiaries are new or early-stage; entry into these markets may face legal, operational, and competitive challenges.

Outlook

Management is positioned for growth through regional expansion and a dedicated new subsidiary in Malaysia. The continued focus on C&I solar projects is expected to benefit from rising renewable energy demand. The outlook appears tied to successful project execution and market development in new geographies.