Meta Bright's newly-acquired unit bags RM18m EPCC contract

KUALA LUMPUR (Aug 27): Meta Bright Group Bhd (KL:MBRIGHT) said its recently-acquired electrical engineering subsidiary has secured an RM18.2 million engineering, procurement, construction and commissioning (EPCC) contract for a project in Negeri Sembilan.

The is TTOP Industrial & Engineering Sdn Bhd's first disclosed project win after Meta Bright completed the acquisition of a 70% stake in the company last month.

Meta Bright, which sought to expand into higher-value electrical engineering and energy infrastructure services, completed the RM9.29 million acquisition on July 8.

In a bourse filing on Thursday, Meta Bright said the contract awarded to TTOP involves electrical and instrumentation EPCC works over a one-year period.

Meta Bright said the identity of the company that awarded the job could not be disclosed due to confidentiality obligations under the contract.

It added that the customer forms part of a regional renewable-energy group involved in developing, owning and operating renewable-energy and power-transmission assets across several Asian markets. Its activities include solar, hydropower, wind and battery energy-storage systems.

TTOP mainly specialises in low- to high-voltage electrical works for distribution and transmission services, serving industrial plants and commercial facilities across maintenance, improvement and expansion projects.

Shares of Meta Bright closed unchanged at 13.5 sen on Thursday, valuing the group at RM362.41 million. The counter has gained 12.5% year to date.