Meta Bright to expand into higher-margin electrical engineering work via acquisition

20-May-26

The Edge

KUALA LUMPUR (May 20): Meta Bright Group Bhd (KL:MBRIGHT) said it is acquiring a 70% stake in TTOP Industrial & Engineering Sdn Bhd (TIESB) for RM9.29 million, marking the group’s expansion into higher-margin electrical engineering work.

Under the deal, Meta Bright will pay RM1 million in cash and RM8.29 million via the issuance of 51.8 million new shares at 16 sen each, the group said in a statement on Wednesday.

The acquisition comes with a cumulative RM15 million profit guarantee over five years.

The deal follows a Heads of Agreement inked with the vendor, Teo Hin Wee, in March to acquire stakes in several electrical engineering-related companies, including TIESB.

TIESB specialises in low-voltage to high-voltage electrical works for distribution and transmission services, supporting industrial plants and commercial facilities across maintenance, improvement and expansion projects.

Meta Bright, formerly known as Eastland Equity Bhd, said the acquisition will transform the group from a pure green energy asset investor into a fully integrated end-to-end energy service provider.

The group said the acquisition would allow it to move beyond conventional solar installations into higher-margin electrical engineering works, including substation design, EV terminal construction, transmission engineering solutions and electrical infrastructure maintenance.

Meta Bright said TIESB currently holds an active secured contract book of RM23.6 million, alongside Petronas licences covering 15 standard work and equipment categories and a Petronas Sarawak Bhd licence, which opens up project opportunities in East Malaysia and expands its customer base across the oil and gas industry.

“The global energy landscape is changing quickly, and the push for energy transition is stronger than ever. By bringing (TIESB) into the group, Meta Bright is no longer just investing in renewable and energy efficiency assets; we are now a complete service provider capable of handling electrical-related projects,” said Meta Bright executive director of corporate and strategic planning Derek Phang Kiew Lim.

The acquisition is expected to be completed in the fourth quarter of 2026.

Edited By S Kanagaraju