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Meta Bright Signs RM24 Mil Leasing Contract with Australian Company

KUALA LUMPUR: Meta Bright Group Bhd’s (MBG) wholly-owned Australian subsidiary, Meta Bright Australia Pty Ltd (MBA), signed a new leasing contract with Mt Cuthbert Resources Pty Ltd (MCR).

Meta Bright Group Bhd Executive Director of Corporate and Strategic Planning Derek Phang Kiew Lim

The agreement, signed on April 24, 2024, marks another significant step in MBG’s strategic expansion in the equipment leasing market.

Under the terms of the contract, MBA will provide dry hire equipment rental services to MCR, supporting its copper mining operations in Australia with essential machinery and equipment valued at up to AU$8 million (approximately RM24.82 million).

The equipment list includes machinery, vehicles, and other mining equipment necessary for MCR’s readiness to operate and respond to the promising copper mining outlook.

A filing with Bursa Malaysia showed that this contract is expected to generate substantial monthly recurring rental income, estimated at AU$222,950 (about RM691,657.78), enhancing MBG’s recurring revenue streams and reinforcing its presence in the Australian market.

MBG executive director of corporate and strategic planning Derek Phang Kiew Lim said this contract strengthens the company’s relationship with MCR and underscores its capability and commitment to supporting the mining industry with high-quality and reliable equipment.

“Our strategic decision to diversify into machinery and equipment leasing has allowed us to tap into the robust growth of the mining sector in Australia, which continues to show significant potential,” he said in a statement.

The mining industry in Australia is a critical economic sector, with growth driven by increasing domestic and international demand for minerals.

The industry’s income from mineral exploration is projected to grow to AU$5.7 billion by 2025, at a compounded annual growth rate (CAGR) of 11.3% from 2023.

The equipment leasing market in Australia is similarly promising, expected to grow to US$1.9 billion by 2025.

This growth is supported by expanding end-user industries such as mining, construction, and manufacturing, which rely heavily on leased equipment to reduce capital expenditure and enhance operational efficiency.

“Our strategic focus on the equipment leasing sector is paying dividends, enabling us to leverage growth opportunities within Australia’s dynamic industrial landscape.

“We are confident that this new contract with MCR will contribute positively to our financial performance, starting from the second quarter of the financial year 2025,” added Phang.

MGB continues to explore opportunities to expand its leasing business, aligning with its goal to provide stable and sustainable returns to its shareholders.

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