· Entails the subscription of 1,000,000 RNCPS at RM1.00 per RNCPS in the new joint venture company
· JV Co to develop RE projects that require Bumiputera’s participation
Kuala Lumpur, 19th APRIL 2024 – Meta Bright Group Berhad (“MBGB”) has recently, via its wholly-owned subsidiary, FBO Land (Serendah) Sdn Bhd (“FBO Land”), entered into a subscription and joint venture agreement (“Agreement”) with Doople Tech Sdn Bhd (“Doople”).
A filing with Bursa Malaysia today shows that the Agreement entails FBO Land to subscribe 1,000,000 redeemable non-convertible preference shares (“RNCPS”) at an issue price of RM1.00 per RNCPS in a new joint venture company to be incorporated.
The new joint venture company will identify, invest in, and develop renewable energy (“RE”) projects, with a particular emphasis on projects that require Bumiputera's participation. This initiative is perfectly aligned with Meta Bright’s commitment to supporting Malaysia's national energy roadmap and contributing to a greener planet.
Mr Derek Phang Kiew Lim, Executive Director of Corporate & Strategic Planning at Meta Bright stated, “We are thrilled to partner with Doople, who has expertise in the solar sector and is experienced in the commercial and industrial (C&I) front. This partnership allows Meta Bright to leverage its position as a listed company to fund promising renewable energy projects, while Doople’s technical proficiency ensures exceptional execution.”
Besides expansion into sustainable energy, the joint venture also promises substantial financial benefits. FBO Land is set to receive a yearly cumulative preferential dividend at a rate of 8% per annum, creating a stable, recurring income stream over the five-year tenure of the RNCPS.
This collaboration highlights the synergistic potential between Meta Bright's financial capabilities and Doople's operational expertise. The focus will particularly be on niche markets within the solar C&I sector, which are currently underserved by larger players. This targeted approach is expected to unlock new opportunities and drive growth within Malaysia's renewable energy sector.
MBGB is proud to report that the total value of projects that have completed installation to date stands at approximately RM3.55 million. Additionally, the company has projects currently in progress valued at around RM11.89 million.