Meta Bright seeks RM21mil from private placement to fund expansion

PETALING JAYA: Meta Bright Group Bhd plans to raise up to RM21mil via a private placement exercise to primarily fund its growing renewable-energy and energy-efficiency businesses as well as to pare bank borrowings.

The private placement seeks to issue up to 253 million new shares, representing 10% of Meta Bright’s issued share capital.

Of the RM21mil raised, about RM8.75mil will be channelled into the group’s ongoing and future energy-related projects.

Meta Bright currently manages 28 active solar photovoltaic projects and four energy-efficiency projects in Selangor, Johor, Pahang, and Terengganu.

PETALING JAYA: Meta Bright Group Bhd plans to raise up to RM21mil via a private placement exercise to primarily fund its growing renewable-energy and energy-efficiency businesses as well as to pare bank borrowings.

The private placement seeks to issue up to 253 million new shares, representing 10% of Meta Bright’s issued share capital.

Of the RM21mil raised, about RM8.75mil will be channelled into the group’s ongoing and future energy-related projects.

Meta Bright currently manages 28 active solar photovoltaic projects and four energy-efficiency projects in Selangor, Johor, Pahang, and Terengganu.

These initiatives are integral to Meta Bright’s strategy to build sustainable, long-term and recurring revenue streams.

Additionally, RM2mil from the proceeds will be utilised to partially repay a term loan facility, reducing interest costs and improving the group’s profitability and financial health.

For context, as of the end of last month, the group’s borrowings (including lease liabilities) stood at RM146.9mil, of which RM59.6mil was in long-term borrowings and RM87.3mil of short-term borrowings.

Beyond funding energy projects and reducing its debt, Meta Bright looks to direct another RM8mil from the private placement towards working capital, supporting day-to-day operations and providing flexibility for further business expansion.

Another RM2mil will be allocated to further develop Meta Bright’s moneylending business, aiming to broaden its market reach and enhance income streams.