Meta Bright Group Berhad (MBGB), a prominent player in the Malaysian business landscape, has taken a significant step towards diversification by forging a strategic partnership in the renewable energy sector. Through its subsidiary, FBO Land (Serendah) Sdn Bhd (FBO Land), MBGB has entered into a subscription and joint venture agreement with Doople Tech Sdn Bhd (Doople).
According to a recent filing with Bursa Malaysia, FBO Land is set to subscribe to 1,000,000 redeemable non-convertible preference shares (RNCPS) at an issue price of RM1.00 per RNCPS in a newly established joint venture company. The primary objective of this joint venture is to identify, invest in, and develop renewable energy (RE) projects, with a particular focus on initiatives involving Bumiputera participation.
This strategic move aligns perfectly with Meta Bright’s commitment to supporting Malaysia’s national energy roadmap and fostering environmental sustainability. Mr. Derek Phang Kiew Lim, Executive Director of Corporate & Strategic Planning at Meta Bright, expressed excitement about the partnership with Doople, emphasizing the latter’s expertise in the solar sector and commercial and industrial (C&I) fronts. He highlighted the potential for Meta Bright to finance promising RE projects while leveraging Doople’s technical proficiency for successful execution.
Beyond environmental considerations, the joint venture also promises attractive financial returns for FBO Land. The agreement stipulates that FBO Land will receive a yearly cumulative preferential dividend at a rate of 8% per annum over the five-year tenure of the RNCPS, ensuring a stable income stream for the company.
This collaboration underscores the synergistic potential between Meta Bright’s financial capabilities and Doople’s operational expertise. The joint venture will focus on niche markets within the solar C&I sector, targeting underserved segments currently overlooked by larger players. This targeted approach is expected to unlock new opportunities and drive growth within Malaysia’s renewable energy sector.
MBGB is proud to announce significant progress in its renewable energy endeavors, with completed projects valued at approximately RM3.55 million and ongoing projects valued at around RM11.89 million. As the partnership with Doople unfolds, Meta Bright Group Berhad remains committed to advancing sustainable energy solutions and contributing to Malaysia’s green transition.
