Meta Bright Group Bhd said it has decided to dispose of the Australian unit, Meta Bright Australia Pty Ltd, for RM25.37 million to mitigate cross-border operational risks and to reallocate capital towards its core business segments in Malaysia and the broader Asean region.
Meta Bright divests Australian machinery leasing unit
KUALA LUMPUR (July 11): Meta Bright Group Bhd (KL:MBRIGHT) said it is divesting its Australian machinery leasing unit, Meta Bright Australia Pty Ltd, for RM25.37 million.
The group decided to dispose of the Australian unit to mitigate cross-border operational risks and to enable the reallocation of capital towards its core business segments in Malaysia and the broader Asean region, said Meta Bright in its bourse filing.
The buyer is Amber International Sdn Bhd, which is involved in the leasing of agricultural and forestry machinery. Amber International's shareholders are Liew Cheng Tong and Foo Yew Kok.
Meta Bright said the disposal is expected to result in a net gain of about RM324,000. It plans to use RM17 million of the sale proceeds to repay bank borrowings, with the remaining RM8.37 million allocated for working capital.
In a separate announcement, Meta Bright said its wholly owned subsidiary, Meta Bright Energy Sdn Bhd, has entered into an agreement with ChargeHere EV Solution Sdn Bhd to incorporate a new joint venture company in Malaysia, with a 51:49 ownership structure.
The joint venture, which will have an initial capital of RM200,000, is aimed at implementing and managing the parties’ collaboration in electric vehicle charging infrastructure development.
The execution of the agreement marks a strategic progression from the memorandum of understanding signed in May 2025, Meta Bright noted.
Meta Bright shares closed unchanged at 12 sen on Friday, valuing the group at RM303.76 million. Year-to-date, the stock has declined by 11.1%.