Lagenda Properties ceases to be substantial shareholder in Northern Solar

• Lagenda Properties offloaded 30 million shares, or a 7.59% stake, in Northern Solar via a direct business transaction on Friday (Aug 29), according to a bourse filing. This reduced the real estate developer's shareholding to 4.91%, from 12.5% previously.

KUALA LUMPUR (Aug 29): Lagenda Properties Bhd (KL:LAGENDA) has ceased to be a substantial shareholder of Northern Solar Holdings Bhd (KL:NORTHERN), less than seven months after the solar energy firm listed on the ACE Market.

Lagenda Properties offloaded 30 million shares, or a 7.59% stake, in Northern Solar via a direct business transaction on Friday (Aug 29), according to a bourse filing. This reduced the real estate developer's shareholding to 4.91%, from 12.5% previously.

The disposal price was not disclosed, but based on Northern Solar’s closing price of 72 sen, Lagenda Properties would have disposed of the block of shares for RM21.6 million.

Northern Solar’s share price hit a high of 79 sen on its listing day on Feb 6. The counter closed unchanged at 72 sen on Friday, 14.3% higher than its initial public offer price of 63 sen. At the last traded price, the group is valued at RM284.8 million.

Northern Solar’s largest shareholders are its managing director Lew Shoong Kai and executive director Chew Win Hoe, who each hold 30.8% in the group.

Northern Solar is involved in the rooftop solar segment, catering to industrial, commercial and residential customers. For the first quarter ended June 30, 2025, the group booked a net profit of RM3.85 million on revenue of RM28.05 million.

The solar photovoltaic engineering, procurement, construction, and commissioning business was the main contributor to its revenue, accounting for 97.75% of the group’s topline for the quarter.

As Penang girds itself towards the last lap of its Penang2030 vision, check out how the residential segment is keeping pace in EdgeProp’s special report: PENANG Investing Towards 2030.