KUALA LUMPUR: Meta Bright Group Bhd (MBG), via its wholly-owned subsidiary, FBO Land (Serendah) Sdn Bhd (FBO Land), signed a subscription and joint venture agreement with Doople Tech Sdn Bhd (DTSB).
In a filing with Bursa Malaysia, MBG said the agreement entails FBO Land to subscribe 1,000,000 redeemable non-convertible preference shares (RNCPS) at an issue price of RM1.00 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, particularly those requiring Bumiputera’s participation.
This initiative perfectly aligns with MGB’s commitment to supporting Malaysia’s national energy roadmap and contributing to a greener planet.
MBG executive director of corporate and strategic planning Derek Phang Kiew Lim said the company looks forward to its partnership with DTSB, which has expertise in the solar sector and is experienced in the commercial and industrial (C&I) front.
“This partnership allows MBG to leverage its position as a listed company to fund promising renewable energy projects, while DTSB’s technical proficiency ensures exceptional execution,” he said in a statement.
Besides expansion into sustainable energy, the joint venture also promises substantial financial benefits.
FBO Land is set to receive a yearly cumulative preferential dividend of 8 per cent per annum, creating a stable, recurring income stream over the five-year tenure of the RNCPS.
This collaboration highlights the synergistic potential between MBG’s financial capabilities and DTSB’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.
MBG reported that the total value of projects that have completed installation is approximately RM3.55 million.
Additionally, the company has projects currently in progress valued at around RM11.89 million.
