KUALA LUMPUR: Meta Bright Group Bhd’s (MBGB) wholly-owned Australian subsidiary, Meta Bright Sdn Bhd, has secured financing facilities totalling RM28 million from AmBank (M) Bhd, expanding MBGB’s business operations and solidifies its relationship with the bank.
In addition, this initiative is a testament to MBGB’s capability to secure significant banking support within just two years, reflecting the company’s successful turnaround and robust growth trajectory.
This financing aligns with MGBG’s ambitious growth strategy, particularly in enhancing its capabilities within the equipment leasing sector linked to its recent expansion into Australia.
The funds will be used to buy equipment for Meta Bright Australia Pty Ltd, which has just signed its third lease agreement with Mt Cuthbert Resources Pty Ltd (MCR).
This agreement is expected to strengthen MBGB’s position in the global market and provide a consistent monthly income of approximately AUD$222,950 (about RM691,657.78).
MBGB executive director of corporate and strategic planning Derek Phang Kiew Lim said obtaining these facilities from AmBank within such a short period is not only a milestone for the company but also a strong endorsement of its business model and strategic direction.
“This financial partnership is pivotal as it supports our next phase of growth and strengthens our relationship with AmBank, setting a solid foundation for future collaborative opportunities,” he said in statement.
The funding facilities include term loan 1 amounting to RM25.5 million, allocated for the purchase of plant and machinery to enhance operational capabilities.
Term loan 2 amounting to RM3 million, designed to finance life insurance premiums for the company’s directors, safeguarding corporate governance and leadership continuity.
Further, Ambank’s uncommitted foreign exchange contract facilities is to facilitate efficient international currency transactions, supporting MBGB’s global operations.
“Through this strategic financial support, MBGB is set to significantly boost its capacity to manage large-scale projects and enhance its offerings in the highly competitive mining equipment leasing market.
“We are particularly focused on our operations in Australia, where we see great potential due to the robust growth of the mining sector,” Phang said.
