PROPERTY and hospitality-centric Meta Bright Group Bhd (formerly Eastland Equity Bhd) has recently inked a subscription and joint venture (JV) agreement with cloud-based IoT (internet of things) platform Doople Tech Sdn Bhd via its wholly owned subsidiary FBO Land (Serendah) Sdn Bhd.
A filing with Bursa Malaysia today (April 19) shows that the agreement entails FBO Land to subscribe one million redeemable non-convertible preference shares (RNCPS) at an issue price of RM1 per RNCPS in a new joint venture company to be incorporated.
The new joint venture company will identify, invest in and develop renewable energy (RE) projects with a particular emphasis on projects that require Bumiputera’s participation. This initiative is perfectly aligned with Meta Bright’s commitment in supporting Malaysia’s national energy roadmap and contributing to a greener planet.
“We are thrilled to partner with Doople which has expertise in the solar sector as well as is experienced in the commercial and industrial (C&I) front,” commented Meta Bright’s executive director (corporate & strategic planning) Derek Phang Kiew Lim.
“This partnership allows Meta Bright to leverage its position as a listed company to fund promising RE projects while Doople’s technical proficiency ensures exceptional execution.”
Besides expansion into sustainable energy, the JV also promises substantial financial benefits. FBO Land is set to receive a yearly cumulative preferential dividend at a rate of 8% per annum, thus creating a stable, recurring income stream over the five-year tenure of the RNCPS.
More broadly, this collaboration highlights the synergistic potential between Meta Bright’s financial capabilities and Doople’s operational expertise.
The focus will particularly be on niche markets within the solar C&I sector which are currently underserved by larger players. This targeted approach is expected to unlock new opportunities and drive growth within Malaysia’s renewable energy sector.
According to Meta Bright, the total value of projects that have completed installation to date stands in excess of RM3.55 mil. Additionally, the company has projects currently in progress valued at around RM11.89 mil.
At the close of today’s trading, Meta Bright was down 0.5 sen or 3.33% to 14.5 sen with 421,000 shares traded, thus valuing the company at RM363 mil. – April 19, 2024
