KUALA LUMPUR: Winstar Capital Bhd is accelerating its growth in the renewable energy and aluminium markets by leveraging opportunities from Malaysia’s Large Scale Solar 5 (LSS5) initiative.
Executive director and CEO Vincent Chua Boon Hong said the company aims to capture a 5% share of the RM10 billion LSS5 solar mounting structure market, representing an estimated RM500 million in potential revenue.
“To support this goal, Winstar is ramping up its manufacturing capabilities, with the I03 Factory Block slated to begin operations in second quarter 2025,” he said at a press conference after the company’s listing ceremony today.
The facility will launch with two production lines, followed by an additional two lines in second quarter 2026.
“These enhancements will enable Winstar to shift from trading to in-house manufacturing, significantly boosting its gross profit margins, which currently average 19%. Our focus is on aligning production capacity with profit growth while strategically targeting small and medium-sized customers. LSS5 offers tremendous potential, and by expanding our aluminium extrusion and solar mounting structure capabilities, we are well-positioned to capitalise on this growing market,” Chua said.
With LSS5 projected to deliver 3–4 gigawatts of solar capacity and demand surging for solar infrastructure across residential, commercial, and industrial sectors, Winstar is poised to solidify its position as a key player in Malaysia’s renewable energy landscape, he said.
“Winstar’s contribution will focus on providing durable and cost-effective mounting structures, which typically account for 5% of the total project value. By strengthening its manufacturing capabilities, Winstar aims to establish itself as a preferred supplier for LSS5 and other solar infrastructure projects.”
Winstar’s strategic positioning in this space is expected to drive substantial revenue growth in the coming years. The company’s move into solar manufacturing aligns with its broader vision of contributing to sustainable energy solutions while diversifying its revenue streams.
Winstar made its debut on the ACE Market of Bursa Malaysia Securities at 45 sen per share, a 40% premium or 14 sen above its initial public offering (IPO) price of 35 sen per share.
The IPO raised RM19.79 million, with Winstar planning to allocate RM9.55 million (48.25%) for the purchase of new aluminium extrusion machines and equipment for its new manufacturing facility. Some RM6.24 million (31.54%) will be allocated for general working capital while RM4 million (20.21%) will be used to cover listing expenses.
