Meta Bright plans RM21m private placement to fund energy projects, working capital

• For the nine-month period ended March 31, 2025, Meta Bright's net profit more than doubled to RM6.95 million, from RM2.83 million a year earlier.

KUALA LUMPUR (June 10): Meta Bright Group Bhd (KL:MBRIGHT) has proposed a private placement to raise up to RM21 million to support the group’s energy-related businesses and fund its working capital requirement.
 
The placement shares, totalling up to 253 million or 10% of the company’s share base, will be placed out to independent third-party investors, according to the diversified group’s bourse filing on Monday (June 9).

Based on an illustrative issue price of 12.34 sen—its five-day volume-weighted average market price (VWAMP) as at June 6—the group is required to issue 170.18 million placement shares to raise gross proceeds of up to RM21 million.

Of the RM21 million to be raised, RM8.75 million will be channelled into the group’s ongoing and future energy-related projects. The group currently manages 28 active solar photovoltaic (PV) projects and four energy efficiency projects across various states, including Selangor, Johor, Pahang, and Terengganu.

Meta Bright said another RM8 million will be directed towards working capital, supporting day-to-day operations and providing flexibility for further business expansion. The group has also earmarked RM2 million from the proceeds to partially repay a term loan facility.

In addition, the group has allocated RM2 million to further develop its money lending business segment, aiming to broaden its market reach and enhance income streams.

In a statement, Meta Bright’s corporate and strategic planning director Derek Phang Kiew Lim said the private placement is structured to support the group’s aggressive expansion into the renewable energy and energy efficiency sectors.

“By deploying this capital swiftly and effectively, we expect increased earnings visibility and enhanced profitability in the coming years,” Phang added.

Meta Bright said its renewable energy and energy efficiency segments have experienced robust growth, with ongoing and future contracts demonstrating strong revenue potential. The projects include solar installations for manufacturers, government buildings, places of worship, and commercial entities.

The private placement is expected to be completed in the third quarter of this year.

Malacca Securities has been appointed as the principal adviser and sole placement agent for the exercise.

For the nine-month period ended March 31, 2025, Meta Bright's net profit more than doubled to RM6.95 million, from RM2.83 million a year earlier, as revenue surged more than threefold to RM175.04 million from RM54.36 million.

The group noted that the revenue growth was driven by the building materials segment, which recorded a revenue of RM141.62 million, supported by the continued strong performance of Expogaya Sdn Bhd, following the acquisition in January 2024.  

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