Founder Group says ‘will not be impacted’ by solar power tax credits wind down

Founder Group (FGL) assures investors that the Company will not be impacted by a U.S. Senate panel’s proposed wind down of solar power tax credits by 2028. “Founder Group operates primarily in Malaysia and doesn’t have operations in the U.S. Therefore, the Company should not be affected by the sentiments currently causing selloffs of U.S. solar power stocks,” said Lee Seng Chi, CEO. “Although we are listed on Nasdaq and trade alongside U.S. solar power stocks, we will not be impacted by the possible elimination of those tax credits. Our revenue is predominantly generated from the Malaysian market hence we are not affected by the changes suggested by President Donald Trump’s tax cut and spending bill. In the near future, our expansion will focus on regional expansion in Southeast Asia only. Expansion to the U.S. is not in our current plans.”