The selling of the renewable energy (RE) group’s shares further intensified this week, prompting Bursa Malaysia to suspend short-selling of Cypark shares after the latter’s share price dropped more than 15% on May 24. Yesterday, Cypark announced that RAM Rating has reaffirmed the long-term rating of AA3 for Cypark REF’s RM550mil socially responsible investing sukuk murabahah programme 2019/2041. “The floating solar project has reached the final stage of construction, of which the floating solar system installation and interconnection works are already completed. Last year, Cypark completed a private placement of up to 20% of its total issued shares to raise up to RM108mil. Interestingly, Cypark says the group has procured the solar panels and other equipments for its greenfield projects prior to the price hike.
