Meta Bright plans expansion into energy-related infrastructure via acquisitions

KUALA LUMPUR (March 27): Meta Bright Group Bhd (KL:MBRIGHT) has proposed to acquire a controlling stake in four companies specialising in engineering, procurement, construction and commissioning (EPCC) services.

The purchase consideration will be negotiated and agreed upon at a later stage, the company said in a filing with Bursa Malaysia on Friday.

Under a head of agreement entered into on Friday with the vendor, Teo Hin Wee, Meta Bright plans to acquire majority stakes in TTOP Industrial & Engineering Sdn Bhd, Sangga Tiga (KL) Sdn Bhd, Flexitop Industrial & Engineering Sdn Bhd and Green Core Consortium Sdn Bhd.

Teo holds a direct 70% stake in TTOP and 51% in Flexitop, as well as an indirect 60% stake in Sangga Tiga and a 100% stake in Green Core.

Meta Bright has a six-month exclusivity period to conduct due diligence before finalising the proposed acquisition.

The company said the four target firms have capabilities in EPCC, with relevant certifications. One of the subsidiaries is also registered with Petroliam Nasional Bhd (PETRONAS) to supply and install specialised equipment for hazardous environments.

Meta Bright said the proposed acquisition marks a strategic shift to transform it from a pure asset owner into a broader energy infrastructure and energy efficiency solutions provider.

“By owning these tier-one engineering capabilities, we can directly execute projects, control our development costs and capture more value from each project,” said executive director of corporate and strategic planning Derek Phang Kiew Lim.

He added that the move will enable the company to undertake end-to-end project execution, including renewable energy projects, battery storage, EV infrastructure and electrical works.

Shares in Meta Bright rose half a sen, or 3.9%, to 13.5 sen at Friday’s close, giving the company a market capitalisation of RM366.4 million.