KUALA LUMPUR: Meta Bright Group Bhd (Meta Bright) aims to deepen its market penetration in Australia in the next few years by leveraging the country’s robust growth in the mining sector, particularly copper.
Executive director of corporate and strategic planning Derek Phang Kiew Lim said Australian copper mine production is projected to grow by 6.2% annually over the outlook period, reaching 1.160 million tonnes by 2028-29.
He said the projected growth presents significant opportunities for the company’s leasing and financing services to provide essential machinery and equipment to support the mining operations.
“Our strategy includes expanding our portfolio of leased assets to include a wider range of machinery, tractors, lorries, and other equipment, ensuring that we cater to diverse industry needs.
“We are also enhancing our leasing terms and conditions to be more flexible and attractive to potential lessees, thereby increasing our customer base and rental income,“ Phang told SunBiz.
Meta Bright via wholly owned Australian subsidiary Meta Bright Australia Pty Ltd, secured a new equipment leasing contract from Australian copper mining company Mt Cuthbert Resources Pty Ltd (MCR) in April.
The company, in a filing with Bursa Malaysia, said Meta Bright Australia will provide dry hire equipment rental services to MCR, supporting its copper mining operations in Australia with essential machinery and equipment valued up to RM24.82 million.
The filing said this contract is expected to generate substantial monthly recurring rental income, estimated at A$222,950 (about RM699,260) monthly, enhancing Meta Bright’s recurring revenue streams and reinforcing its presence in the Australian market.
In the same month, Meta Bright’s wholly owned subsidiary, Meta Bright Sdn Bhd, secured RM28 million in financing facilities from AmBank (M) Bhd.
The funding expands its business operations and solidifies Meta Bright’s capability to secure significant banking support within two years. The funds will be channelled to purchasing high-value equipment for Meta Bright Australia, a move set to solidify Meta Bright’s presence in the international market and ensure a steady stream of recurring income.
As for its leasing and financing services on the domestic front, Phang said Meta Bright offers tailored financing solutions in Malaysia, including short- to medium-term business and personal loans with competitive interest rates, aiming to attract new borrowers.
“Our financing division, licensed by the Housing and Local Government Ministry under the Moneylender Act 1951, is designed to deliver fast and effective financial solutions, supporting business growth and financial flexibility for our clients,“ he said.
When asked about Meta Bright’s plans or projects in the pipeline to maintain its growth trajectory, Phang said the key focus is on targeting high-demand sectors such as construction, agriculture, and logistics in Malaysia and Australia.
“By diversifying the types of equipment and machinery we lease, including tractors, lorries, and specialised construction equipment, we aim to attract a broader client base and secure long-term contracts that provide stable revenue streams.
“Our focus on maintaining an average effective interest rate of 18% ensures attractive returns while supporting the financial needs of our clients.
“We are also exploring digital financing solutions to streamline our loan application processes, making it easier and faster for clients to access funds. This digital transformation will enhance customer experience and operational efficiency, further driving growth in this segment,” Phang said.
He added that Meta Bright is diversifying its revenue streams across different business segments and this approach reduces dependency on any single market and mitigates risks associated with economic fluctuations.
Phang also said the group continues to capitalise on growth opportunities and maintains financial stability by expanding its presence in the energy-related, equipment leasing, and building materials sectors.
“In the equipment leasing business, Meta Bright has established strong relationships with key clients in Malaysia and Australia, particularly in the mining sector. These partnerships enable Meta Bright to secure long-term contracts, ensuring a steady revenue stream. The company is also exploring new alliances with industry leaders to expand its market reach and enhance its service offerings,” Phang said.
Source: The Sun Daily
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