Meta Bright seeks RM21m in new capital to fuel future energy projects, facilitate debt repayment
MAIN Market-listed diversified conglomerate Meta Bright Group Bhd (formerly Eastland Equity Bhd) has today (June 9) proposed private placement of new shares to raise gross proceeds of up to RM21 mil.
The fund-raising exercise will primarily support the group's growing renewable energy (RE) and energy efficiency (EE) businesses while reducing the group's existing bank borrowings to strengthen its overall financial standing.
This proposed private placement which allows the issuance of up to 253 million new shares or 10% of Meta Bright's issued share capital will provide quicker access to capital compared to alternative fund-raising methods while avoiding dilution and costly interest associated with bank financing.
Of the RM21 mil to be raised, RM8.75 mil will be channelled into Meta Bright's on-going and future energy-related projects.
The group currently manages 28 active solar photovoltaic (PV) projects and four EE projects across various states, including Selangor, Johor, Pahang and Terengganu.
These initiatives are integral to Meta Bright's strategy to build sustainable, long-term and recurring revenue streams.
Additionally, RM2 mil from the proceeds will be utilised to partially repay a term loan facility, thus reducing interest costs and improving the group's profitability and financial health.
Another RM8 mil will be directed towards working capital to support day-to-day operations and providing flexibility for further business expansion.
Above all else, the group has also allocated RM2 mil to further develop its money lending business segment which aims to broaden its market reach and enhance income streams.
'This private placement is strategically structured to support our aggressive expansion into the RE and EE sectors with the markets showing strong, sustained growth prospects,' commented Meta Bright's executive director (corporate and strategic planning) Derek Phang Kiew Lim.
'By deploying this capital swiftly and effectively, we expect increased earnings visibility and enhanced profitability in the coming years.'
To-date, Meta Bright's RE and EE segments have experienced robust growth with on-going and future contracts demonstrating strong revenue potential.
These projects include solar installations for manufacturers, government buildings, worship places and commercial entities.
In a way, the private placement exercise is timely as it positions the group to capitalise on Malaysia's ambitious energy transition initiatives outlined in the National Energy Transition Roadmap (NETR).
'Reducing debt levels through this exercise will directly benefit our bottom line. Lower financing costs combined with strong recurring income from energy projects will ensure long-term profitability,' justified Phang.
'We are committed to maintaining prudent financial management while actively pursuing sustainable growth opportunities.'
At the end of today's (June 9) market trading, Meta Bright was down 0.5 sen or 4% to 12 sen with 120,600 shares, thus valuing the company at RM304 mil. – June 9, 2025
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
New Straits Times
3 hours ago
- New Straits Times
4.8 million Sara recipients use MyKad to buy essential items
GEORGE TOWN: A total of 4.8 million out of 5.4 million recipients of the Sumbangan Asas Rahmah (Sara) aid have used their MyKad to purchase basic necessities at registered premises nationwide as of this month. Deputy Finance Minister Lim Hui Ying said Perlis recorded the highest usage rate at 94 per cent, followed by 93 per cent in Sabah and Kedah, while Penang recorded 88 per cent. She said the figures reflect the growing effectiveness of the initiative, supported by various awareness and promotional efforts at both federal and state levels. "The ministry will continue to strengthen awareness campaigns to ensure more people benefit from this government aid, which is aimed at easing their financial burden. "We have also significantly expanded the number of recipients from 700,000 to 5.4 million since April," she told reporters during a Sara outreach programme at a hypermarket here today. At the event, Lim met with 100 Sara recipients in Penang as part of the ministry's effort to engage directly with urban communities. She said to date, 3,700 retail premises have registered under the programme nationwide, enabling recipients to shop closer to home. In Penang alone, 190 such premises are available. Lim added that since May 1, the programme was enhanced by expanding the list of eligible items to 14 categories, including household and personal hygiene products, medicines, and school supplies like uniforms and shoes. The maximum Sara aid for 2025 has been raised to RM2,100 from RM1,200 — a 75 per cent increase, she said. In total, the combined allocation for the Sara and Rahmah Cash Aid (STR) programmes has been raised to RM13 billion this year, marking the highest cash aid provision in the country's history. – BERNAMA Nation Feb 8, 2025 @ 12:40am Octogenarian rides pillion 20km to buy essentials after receiving Sara aid Nation Feb 5, 2025 @ 11:41pm Govt expands Sara programme, enhancing access for 700,000 recipients Nation Apr 6, 2025 @ 7:43pm Sara aid a lifeline for families coping with post-Raya expenses Nation Jan 14, 2025 @ 9:07am [EXPLAINER] Sara aid: Direct financial aid through MyKad
Barnama
4 hours ago
- Barnama
4.8 Million SARA Recipients Use MyKad To Buy Essential Items
GEORGE TOWN, June 21 (Bernama) -- A total of 4.8 million out of 5.4 million recipients of the Sumbangan Asas Rahmah (SARA) aid have used their MyKad to purchase basic necessities at registered premises nationwide as of this month. Deputy Finance Minister Lim Hui Ying said Perlis recorded the highest usage rate at 94 per cent, followed by 93 per cent in Sabah and Kedah, while Penang recorded 88 per cent. She said the figures reflect the growing effectiveness of the initiative, supported by various awareness and promotional efforts at both federal and state levels. 'The ministry will continue to strengthen awareness campaigns to ensure more people benefit from this government aid, which is aimed at easing their financial burden. 'We have also significantly expanded the number of recipients from 700,000 to 5.4 million since April,' she told reporters during a SARA outreach programme at a hypermarket here today. At the event, Lim met with 100 SARA recipients in Penang as part of the ministry's effort to engage directly with urban communities. She said to date, 3,700 retail premises have registered under the programme nationwide, enabling recipients to shop closer to home. In Penang alone, 190 such premises are available. Lim added that starting May 1, the programme was enhanced by expanding the list of eligible items to 14 categories, including household and personal hygiene products, medicines, and school supplies like uniforms and shoes. She also said that the maximum SARA aid for 2025 has been raised to RM2,100 from RM1,200, a 75 per cent increase.
The Sun
5 hours ago
- The Sun
4.8 million SARA recipients use MyKad to buy essential items
GEORGE TOWN: A total of 4.8 million out of 5.4 million recipients of the Sumbangan Asas Rahmah (SARA) aid have used their MyKad to purchase basic necessities at registered premises nationwide as of this month. Deputy Finance Minister Lim Hui Ying said Perlis recorded the highest usage rate at 94 per cent, followed by 93 per cent in Sabah and Kedah, while Penang recorded 88 per cent. She said the figures reflect the growing effectiveness of the initiative, supported by various awareness and promotional efforts at both federal and state levels. 'The ministry will continue to strengthen awareness campaigns to ensure more people benefit from this government aid, which is aimed at easing their financial burden. 'We have also significantly expanded the number of recipients from 700,000 to 5.4 million since April,' she told reporters during a SARA outreach programme at a hypermarket here today. At the event, Lim met with 100 SARA recipients in Penang as part of the ministry's effort to engage directly with urban communities. She said to date, 3,700 retail premises have registered under the programme nationwide, enabling recipients to shop closer to home. In Penang alone, 190 such premises are available. Lim added that starting May 1, the programme was enhanced by expanding the list of eligible items to 14 categories, including household and personal hygiene products, medicines, and school supplies like uniforms and shoes. She also said that the maximum SARA aid for 2025 has been raised to RM2,100 from RM1,200, a 75 per cent increase. In total, the combined allocation for the SARA and Rahmah Cash Aid (STR) programmes has been raised to RM13 billion this year, marking the highest cash aid provision in the country's history.
