In a strategic move to expand into the renewable energy sector, Meta Bright Group Berhad, through its wholly-owned subsidiary FBO Land (Serendah) Sdn Bhd, has partnered with Doople Tech Sdn Bhd to form a new joint venture. The collaboration, formalized in a recent subscription and joint venture agreement, will see FBO Land subscribing to 1,000,000 redeemable non-convertible preference shares (RNCPS) at an issue price of RM1.00 per share in the newly formed company.

This joint venture aims to spearhead the development of renewable energy projects that necessitate Bumiputera participation, aligning with Malaysia’s national energy goals and contributing to environmental sustainability. The focus will particularly be on identifying and investing in projects within the solar sector, emphasizing commercial and industrial applications—a niche market that currently sees lesser competition from major players.

Financially, the deal is structured to benefit FBO Land with a yearly cumulative preferential dividend at a rate of 8% per annum over the five-year tenure of the RNCPS, promising a steady income stream. This venture not only marks Meta Bright’s commitment to sustainable energy but also strategically positions the company to capitalize on the growing demand for renewable resources.

As of now, the joint venture company boasts completed projects valued at approximately RM3.55 million, with ongoing projects worth around RM11.89 million. This initiative is a testament to the synergistic potential between Meta Bright’s financial capabilities and Doople Tech’s operational expertise, aiming to unlock new opportunities and drive significant growth within Malaysia’s renewable energy sector.