Latest news with #DerekPhangKiewLim
The Sun
4 days ago
- Automotive
- The Sun
Meta Bright, ChargeHere formalise EV charging joint venture
PETALING JAYA: Diversified energy conglomerate Meta Bright Group Bhd's wholly owned subsidiary Meta Bright Energy Sdn Bhd has formalised a joint venture (JV) with ChargeHere EV Solution Sdn Bhd, a leading electric vehicle (EV) charging point operator in Malaysia. The JV aims to expand the group's footprint in Malaysia's rapidly growing EV charging infrastructure market. The partners will incorporate a JV company – Meta Bright Chargesini Sdn Bhd – dedicated to developing, installing and operating EV charging infrastructure across Malaysia, focusing on malls, hotels, residential and commercial areas. Meta Bright Energy will hold a 51% stake while ChargeHere will hold the remaining 49%. Meta Bright executive director of corporate and strategic planning Derek Phang Kiew Lim said the JV with ChargeHere significantly expands the company's capabilities within the renewable energy sector, particularly in EV infrastructure. 'It represents an essential milestone for Meta Bright, aligning closely with our ESG goals and strategic focus on creating sustainable, recurring revenue streams,' he said in a statement. ChargeHere, operating under the ChargeSini brand, currently manages Malaysia's largest network of EV charging points with 935 charging stations across 300 locations, serving more than 32,000 active users. The collaboration enables Meta Bright to leverage ChargeHere's established technical capabilities and operational experience to advance the group's presence in the growing EV infrastructure sector. Through the initiative, Meta Bright aims to capitalise on the government's National Energy Transition Roadmap (NETR), which outlines the strategic expansion of renewable energy and sustainable infrastructure nationwide, including the establishment of 10,000 EV charging stations by 2025. Both parties have identified several urgent and approved projects to launch under the JV, with key locations in Johor, Penang and Selangor. Additionally, the partnership is already actively planning subsequent stages of expansion, with an extensive pipeline of upcoming projects that include notable sites across Kuala Lumpur, Pahang and Malacca, among others. The sites range from prominent hotels and commercial buildings to large residential condominiums. '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,' Phang said. The joint venture with ChargeHere significantly enhances the group's renewable energy and energy efficiency portfolio, reinforcing its commitment to environmental sustainability and innovative energy solutions. In addition to the joint venture, Meta Bright also announced the disposal of its wholly owned Australian subsidiary, Meta Bright Australia Pty Ltd, for RM25.37 million. The decision comes as part of the group's broader risk management strategy to mitigate exposure to cross-border operational risks, including geopolitical uncertainties, foreign exchange volatility and global economic conditions. 'The disposal of our Australian subsidiary allows us to redeploy resources towards our core operations in Malaysia, ensuring sustained long-term growth and shareholder value. The proceeds will also help us significantly mitigate the cross-border business amidst the current geopolitical environment, reduce our bank borrowings, and enhance our financial resilience,' Phang said.
Focus Malaysia
5 days ago
- Automotive
- Focus Malaysia
Meta Bright seals JVA with ChargeHere to accelerate its energy biz development in Malaysia
MAIN Market-listed diversified energy conglomerate Meta Bright Group Bhd has formalised a strategic joint venture (JV) with Malaysia's leading electric vehicle (EV) charging point operator (CPO) ChargeHere EV Solution Sdn Bhd to significantly tap Malaysia's rapidly growing EV charging infrastructure market. Under the JV entered into by its 100%-owned subsidiary Meta Bright Energy Sdn Bhd, both parties have agreed to incorporate a new joint venture company – Meta Bright Chargesini Sdn Bhd which is dedicated to developing, installing and operating EV charging infrastructure across Malaysia. Eventually Meta Bright Chargesini will target malls, hotels, residential and commercial areas. Meta Bright Energy will hold a controlling stake of 51% in the project with the balance held by ChargeHere. ChargeHere which operates under the 'ChargeSini' brand currently manages Malaysia's largest network of EV charging points with 935 charging stations across 300 locations, serving over 32,000 active users. This collaboration enables Meta Bright to leverage ChargeHere's established technical capabilities and operational experience to advance the group's presence in the growing EV infrastructure sector. 'This strategic JV with ChargeHere significantly expands our capabilities within the renewable energy (RE) sector, particularly in EV infrastructure,' commented Meta Bright's executive director (corporate and strategic planning) Derek Phang Kiew Lim. 'It represents an essential milestone for Meta Bright, aligning closely with our ESG (environmental, social and governance) goals and strategic focus on creating sustainable, recurring revenue streams.' Through this initiative, Phang expects Meta Bright to capitalise on the government's ambitious National Energy Transition Roadmap (NETR) which outlines the strategic expansion of RE and sustainable infrastructure nationwide, including the establishment of 10,000 EV charging stations by 2025. Both parties have immediately identified several urgent and approved projects to launch under this JV with key locations in Johor, Penang, and Selangor. Additionally, the partnership is already actively planning subsequent stages of expansion with an extensive pipeline of upcoming projects that include notable sites across Kuala Lumpur, Pahang and Melaka, among others. These sites range from prominent hotels and commercial buildings to large residential condominiums, thus showing a significant scale of operations set to unfold in the near future. 'Our immediate and planned installations will substantially broaden our operational footprint in key urban areas, hence supporting national goals and meeting rising consumer demand for accessible EV charging solutions,' added Derek. At the close of market trading yesterday (July 11), Meta Bright was unchanged at 12 sen with 2.77 million shares traded, thus valuing the company at RM304 mil. – July 12, 2025
The Star
6 days ago
- Automotive
- The Star
Meta Bright, ChargeHere team up for EV charging push
KUALA LUMPUR: Meta Bright Group Bhd 's wholly owned subsidiary, Meta Bright Energy Sdn Bhd (MBE), has formed a joint venture with ChargeHere EV Solution Sdn Bhd to expand its presence in Malaysia's growing electric vehicle (EV) charging market. In a statement, the diversified energy group said the partnership brings together MBE's renewable energy capabilities and ChargeHere's role as a leading EV charging point pperator (CPO) in Malaysia to accelerate the rollout of nationwide charging infrastructure. Under the joint venture, both parties will establish a new company, Meta Bright Chargesini Sdn Bhd, which will focus on developing, installing, and operating EV charging infrastructure across Malaysia. The initiative will target locations such as malls, hotels, residential areas, and commercial zones. Meta Bright Energy will hold a controlling 51% stake in the new entity, while ChargeHere will hold the remaining 49%. ChargeHere, operating under the 'ChargeSini' brand, currently manages Malaysia's largest network of EV charging points with 935 charging stations across 300 locations, serving over 32,000 active users. This collaboration enables Meta Bright to leverage ChargeHere's established technical capabilities and operational experience to advance the group's presence in the growing EV infrastructure sector. 'This strategic joint venture with ChargeHere significantly expands our capabilities within the renewable energy sector, particularly in EV infrastructure. It represents an essential milestone for Meta Bright, aligning closely with our ESG goals and strategic focus on creating sustainable, recurring revenue streams,' Meta Bright executive director of corporate and strategic planning Derek Phang Kiew Lim said. Both parties have immediately identified several urgent and approved projects to launch under this JV, with key locations in Johor, Penang, and Selangor. Additionally, the partnership is already actively planning subsequent stages of expansion, with an extensive pipeline of upcoming projects that include notable sites across Kuala Lumpur, Pahang, and Melaka, among others Separately, Meta Bright also announced the disposal of its wholly-owned Australian subsidiary, Meta Bright Australia Pty Ltd (MBA), for RM25.37mil. This decision comes as part of the group's broader risk management strategy to mitigate exposure to cross-border operational risks, including geopolitical uncertainties, foreign exchange volatility, and global economic conditions.
The Sun
6 days ago
- Automotive
- The Sun
Meta Bright forms JV with ChargeHere to accelerate EV charging expansion across Malaysia
KUALA LUMPUR: Meta Bright Group Bhd, a main market-listed diversified energy conglomerate, announced that its wholly-owned subsidiary, Meta Bright Energy Sdn Bhd, has formalised a strategic joint venture (JV) with ChargeHere EV Solution Sdn Bhd, a leading electric vehicle (EV) charging point operator (CPO) in Malaysia. This JV aims to significantly expand the group's footprint in Malaysia's rapidly growing EV charging infrastructure market. Under this JV, both parties have agreed to incorporate a new joint venture company – Meta Bright Chargesini Sdn Bhd, dedicated to developing, installing, and operating EV charging infrastructure across Malaysia, focusing on malls, hotels, residential, and commercial areas. Meta Bright Energy will hold a 51% controlling stake, while ChargeHere will hold the remaining 49%. Meta Bright executive director of corporate and strategic planning Derek Phang Kiew Lim said this strategic joint venture with ChargeHere significantly expands the company's capabilities within the renewable energy sector, particularly in EV infrastructure. 'It represents an essential milestone for Meta Bright, aligning closely with our ESG goals and strategic focus on creating sustainable, recurring revenue streams,' he said in a statement. ChargeHere, operating under the ChargeSini brand, currently manages Malaysia's largest network of EV charging points with 935 charging stations across 300 locations, serving over 32,000 active users. This collaboration enables Meta Bright to leverage ChargeHere's established technical capabilities and operational experience to advance the Group's presence in the growing EV infrastructure sector. Through this initiative, Meta Bright aims to capitalise on the government's ambitious National Energy Transition Roadmap (NETR), which outlines the strategic expansion of renewable energy and sustainable infrastructure nationwide, including the establishment of 10,000 EV charging stations by 2025. Both parties have immediately identified several urgent and approved projects to launch under this JV, with key locations in Johor, Penang, and Selangor. Additionally, the partnership is already actively planning subsequent stages of expansion, with an extensive pipeline of upcoming projects that include notable sites across Kuala Lumpur, Pahang, and Melaka, among others. These sites range from prominent hotels and commercial buildings to large residential condominiums, showing a significant scale of operations set to unfold in the near future. '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,' Phang added. The joint venture with ChargeHere significantly enhances the group's renewable energy and energy efficiency portfolio, reinforcing its commitment to environmental sustainability and innovative energy solutions. In addition to the joint venture announcement, Meta Bright also announced the disposal of its wholly-owned Australian subsidiary, Meta Bright Australia Pty Ltd (MBA), for RM25.37 million. This decision comes as part of the group's broader risk management strategy to mitigate exposure to cross-border operational risks, including geopolitical uncertainties, foreign exchange volatility, and global economic conditions. 'The disposal of our Australian subsidiary allows us to redeploy resources towards our core operations in Malaysia, ensuring sustained long-term growth and shareholder value. 'The proceeds will also help us significantly mitigate the cross-border business amidst the current geopolitical environment, reduce our bank borrowings, and enhance our financial resilience,' Phang said.
Focus Malaysia
09-06-2025
- Business
- Focus Malaysia
Meta Bright seeks RM21m in new capital to fuel future energy projects, facilitate debt repayment
MAIN Market-listed diversified conglomerate Meta Bright Group Bhd (formerly Eastland Equity Bhd) has today (June 9) proposed private placement of new shares to raise gross proceeds of up to RM21 mil. The fund-raising exercise will primarily support the group's growing renewable energy (RE) and energy efficiency (EE) businesses while reducing the group's existing bank borrowings to strengthen its overall financial standing. This proposed private placement which allows the issuance of up to 253 million new shares or 10% of Meta Bright's issued share capital will provide quicker access to capital compared to alternative fund-raising methods while avoiding dilution and costly interest associated with bank financing. Of the RM21 mil to be raised, RM8.75 mil will be channelled into Meta Bright's on-going and future energy-related projects. The group currently manages 28 active solar photovoltaic (PV) projects and four EE projects across various states, including Selangor, Johor, Pahang and Terengganu. These initiatives are integral to Meta Bright's strategy to build sustainable, long-term and recurring revenue streams. Additionally, RM2 mil from the proceeds will be utilised to partially repay a term loan facility, thus reducing interest costs and improving the group's profitability and financial health. Another RM8 mil will be directed towards working capital to support day-to-day operations and providing flexibility for further business expansion. Above all else, the group has also allocated RM2 mil to further develop its money lending business segment which aims to broaden its market reach and enhance income streams. 'This private placement is strategically structured to support our aggressive expansion into the RE and EE sectors with the markets showing strong, sustained growth prospects,' commented Meta Bright's executive director (corporate and strategic planning) Derek Phang Kiew Lim. 'By deploying this capital swiftly and effectively, we expect increased earnings visibility and enhanced profitability in the coming years.' To-date, Meta Bright's RE and EE segments have experienced robust growth with on-going and future contracts demonstrating strong revenue potential. These projects include solar installations for manufacturers, government buildings, worship places and commercial entities. In a way, the private placement exercise is timely as it positions the group to capitalise on Malaysia's ambitious energy transition initiatives outlined in the National Energy Transition Roadmap (NETR). 'Reducing debt levels through this exercise will directly benefit our bottom line. Lower financing costs combined with strong recurring income from energy projects will ensure long-term profitability,' justified Phang. 'We are committed to maintaining prudent financial management while actively pursuing sustainable growth opportunities.' At the end of today's (June 9) market trading, Meta Bright was down 0.5 sen or 4% to 12 sen with 120,600 shares, thus valuing the company at RM304 mil. – June 9, 2025
