Meta Bright plans majority buy in four firms to boost energy segment

META Bright Group Bhd (MBGB) has entered into a heads of agreement (HOA) to acquire majority stakes in four engineering-related companies, as it seeks to strengthen its position in the energy segment.

In a Bursa Malaysia filing today, the group said it had signed the HOA with vendor Teo Hin Wee for the proposed acquisitions of TTOP Industrial & Engineering Sdn Bhd, Sangga Tiga (KL) Sdn Bhd, Flexitop Industrial & Engineering Sdn Bhd and Green Core Consortium Sdn Bhd.

The purchase consideration has yet to be finalised and will be determined following due diligence and negotiations, with definitive agreements to be executed at a later stage.

The target companies are involved in a range of activities including engineering consultancy, renewable energy technologies, marine services, fabrication works, and electrical engineering, as well as operation of power generation facilities.

MBGB said the proposed acquisitions are aimed at supporting its energy-related business segment and would position the group as a more comprehensive energy solutions provider.

Malacca Securities Sdn Bhd has been appointed as the principal adviser for the exercise. — TMR