KUALA LUMPUR: Meta Bright Group Bhd has entered into a conditional share sale agreement to acquire a 70% equity interest in TTOP Industrial & Engineering Sdn Bhd (TIESB) for a total purchase consideration of RM9.29 million.
This marks a fruitful conclusion from the earlier Head of Agreement signed between the parties on March 27 this year.
By acquiring a controlling stake in TIESB, Meta Bright fundamentally and strategically transforms from a pure green energy asset investor into a fully integrated, end-to-end energy service provider. Crucially, this acquisition moves the group beyond standard solar installations and directly into relatively complex, higher-margin electrical engineering work such as specialised substation design, EV terminal construction, transmission engineering solutions, and electrical infrastructure maintenance.
In addition, this vertical integration effectively reshapes the group’s operational cost structure. By internalising these advanced engineering capabilities, Meta Bright eliminates third-party contractor leakage, mitigating execution risk while driving significant margin expansion across its entire energy portfolio.
Corporate and strategic planning executive director Derek Phang Kiew Lim said, “The global energy landscape is changing quickly, and the push for energy transition is stronger than ever. By bringing TTOP into the group, Meta Bright is no longer just investing in renewable and energy efficiency assets; we are now a complete service provider capable of handling electrical-related projects. TTOP is more than a standard solar installer. The group specialises in low-voltage to high-voltage electrical works for distribution and transmission services, supporting industrial plants and commercial facilities across maintenance, improvement and expansion projects.”
He added its technical expertise covers complex substation design, electrical engineering and energy infrastructure execution, supported by essential registrations and licences including Petronas, Petros, CIDB and RPVSP.
“Backed by an RM15 million profit guarantee, this acquisition strengthens our margin potential and positions Meta Bright to capture broader opportunities across the energy and electrical infrastructure sectors,” he said, adding that the RM9.29 million purchase price will be paid using RM1 million in cash and RM8.29 million through the issuance of 51.8 million new Meta Bright shares at an issue price of RM0.16 each.
To protect the group and its shareholders, the seller will only receive their full shares if TTOP achieves a predetermined PAT each year. The shares will be kept locked and released in stages based on these yearly targets – FY27: RM2 million guaranteed NPAT; FY28: RM2.85 million guaranteed NPAT; FY29: RM3.15 million guaranteed NPAT; FY30: RM3.35 million guaranteed NPAT and FY31: RM3.65 million guaranteed NPAT.
The acquisition also brings valuable industry licenses to Meta Bright. TIESB and its subsidiaries hold active registrations with the Sustainable Energy Development Authority Malaysia, Construction Industry Development Board, the Energy Commission, and UPKJ.
This includes a Petronas licence covering 15 Standardised Work and Equipment Categories through Sangga Tiga (KL) Sdn Bhd, and a Petroleum Sarawak Bhd licence held by Sangga Tiga (Sarawak) Sdn Bhd, which opens up project opportunities in East Malaysia. These licences enable the group to expand its customer base across the oil & gas industry through the provision of energy-related services.
The proposed acquisition is expected to be completed in the fourth quarter of 2026.
