World's largest sovereign wealth fund holds stake in Northern Solar [WATCH]

KUALA LUMPUR: The world's largest sovereign wealth fund holds a stake in ACE Market-listed Northern Solar Holdings Bhd, whose shares crossed RM1 for the first time on Wednesday after extending a blistering three-day run.

Bursa Malaysia data shows Norges Bank Investment Management (NBIM) holds 10 million Northern Solar shares, or 2.53 per cent. Separately, Norway's Statens pensjonsfond utland is listed with 9.97 million shares, or 2.52 per cent.

NBIM is the investment management arm of Norges Bank, Norway's central bank, and manages the country's Government Pension Fund Global (GPFG), also known in Norwegian as Statens pensjonsfond utland.

It is unclear whether the NBIM and Statens pensjonsfond utland entries represent the same or separate holdings.

On a simple aggregation, the two entries amount to 19.97 million shares, equivalent to about 5.05 per cent of Northern Solar. However, Business Times could not establish whether they should be treated as a single interest.

The GPFG was worth NOK22.68 trillion (about US$2.4 trillion) as at end-June 2026, NBIM records show.

It is the world's largest sovereign wealth fund, followed by China's State Administration of Foreign Exchange and China Investment Corporation, according to the Sovereign Wealth Fund Institute.

NBIM's investment records show its stake in Northern Solar dates to 2025, although they do not specify when the shares were acquired.

This points to two possibilities: the Norwegian investor either participated in Northern Solar's initial public offering (IPO) or accumulated the shares after its Feb 6, 2025 listing.

Northern Solar's IPO included an offer for sale of 25.71 million existing shares to selected investors through private placement at 63 sen each.

The prospectus did not identify the selected investors.

A Business Times review of NBIM's holdings shows Norges Bank held stakes in 174 Bursa Malaysia-listed companies worth a combined NOK26.32 billion (RM11.33 billion) as at end-June, largely those listed on the Main Market.

Of the total, at least 20 are ACE Market-listed companies, including Southern Score Builders Bhd, Aumas Resources Bhd, Jati Tinggi Group Bhd, Foodie Media Bhd, Pan Merchant Bhd and Pekat Group Bhd.

Its largest stake in a Main Market-listed company was a 5.08 per cent interest in semiconductor company Unisem (M) Bhd.

This was followed by Malaysian Pacific Industries Bhd at 4.82 per cent, Pentamaster Corp Bhd at 4.70 per cent, Mi Technovation Bhd at 4.62 per cent and Dagang NeXchange Bhd at 4.47 per cent.

Meanwhile, Northern Solar's two largest shareholders are managing director Lew Shoong Kai and executive director Chew Win Hoe, who each hold 29.26 per cent, Bursa Malaysia data shows.

Other substantial shareholders are Areca Capital Sdn Bhd with 6.34 per cent and Kenanga Investors Bhd with 5.64 per cent.

Lagenda Properties Bhd holds 4.87 per cent, followed by Kenanga Islamic Investors Bhd with 3.79 per cent and Hong Leong Asset Management Bhd with 3.42 per cent.

At Wednesday's market close, Northern Solar shares were up 8.51 per cent or eight sen at RM1.02, valuing the company at RM403.51 million.

The stock had climbed as much as 21.28 per cent or 20 sen to an intraday high of RM1.14 earlier in the session.

Northern Solar's latest gains extend a sharp run that began after the government unveiled measures last week to accelerate corporate renewable energy adoption under the Corporate Renewable Energy Supply Scheme.

The stock rose 9.42 per cent to 75.5 sen on Monday before surging another 22.88 per cent to 94 sen on Tuesday.

At RM1.02, Northern Solar has gained 52.24 per cent or 35 sen from its 67 sen close last Friday, adding about RM138.5 million to its market capitalisation.

On Sept 1, the company said it had received the Securities Commission's approval to transfer its listing from the ACE Market to the Main Market of Bursa Malaysia. It expects to complete the transfer by year-end.

Northern Solar was listed at 63 sen a share and closed its first trading day 25.4 per cent higher at 79 sen.

Based in Petaling Jaya, the firm is principally involved in the engineering, procurement, construction and commissioning (EPCC) of solar photovoltaic systems, renewable energy generation and operation and maintenance services.

EPCC remains its core business, contributing RM37.4 million, or 98.1 per cent, of the group's RM38.2 million revenue for the first quarter ended June 30, 2026, its highest quarterly revenue since listing and up 36.1 per cent from a year earlier.

Net profit stood at RM3.97 million, up 3.12 per cent from RM3.85 million.