Meta Bright sells Australian unit for RM25.37 mln, enters JV for EV charging infrastructure
In a filing with Bursa Malaysia today, MBGB said the disposal to Amber International Sdn Bhd is expected to result in a gain of about RM324,000 for the group.
It said proceeds from the disposal will be used to repay RM17 million in bank borrowings and for working capital needs of RM8.37 million within 36 months.
"The proposed disposal allows MBGB and its subsidiaries to mitigate exposure to cross-border operational risks, including increased uncertainties arising from global tariffs, foreign exchange volatility, and geopolitical developments associated with operating business in Australia.
"It also enables the group to reallocate capital towards its core business segments within Malaysia and the broader ASEAN region, where the group has an established operational base and competitive advantage," it said.
Meanwhile, in another filing with Bursa Malaysia, MBGB said it has entered into a joint venture (JV) with ChargeHere EV Solution Sdn Bhd to develop and operate electric vehicle (EV) charging infrastructure across Malaysia.
MBGB said its wholly-owned subsidiary, Meta Bright Energy Sdn Bhd, will hold a 51 per cent stake in the new entity, while ChargeHere EV Solution Sdn Bhd will hold 49 per cent.
"The JV is in line with MBGB group's long-term strategy to broaden its presence in the renewable energy (RE) and energy efficiency sectors, and specifically, to support the advancement of EV infrastructure in Malaysia," it said.
In a separate statement, MBGB executive director of corporate and strategic planning Derek Phang said the joint venture with ChargeHere will allow the group to build its presence in renewable energy and take part in the development of EV infrastructure.
"Our immediate and planned installations will substantially broaden our operational footprint in key urban areas, supporting national goals and meeting rising consumer demand for accessible EV charging solutions," he said.
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