Meta Bright's Units Secure RM43.85 Mln Banking Facilities From HLB
KUALA LUMPUR, Oct 28 (Bernama) -- Meta Bright Group Bhd's (MBGB) subsidiaries, Expogaya Sdn Bhd (EXPO) and Jesselton Concrete Sdn Bhd (Jesselton Concrete) have secured banking facilities totalling RM43.85 million from Hong Leong Bank Bhd (HLB) to boost the company’s concrete business segment growth.
In a filing with Bursa Malaysia, MBGB said this would further cement its position in the concrete sector as the largest ready-mix supplier in Sabah, allowing it to support the state’s rapidly expanding infrastructure needs effectively.
“This added financial support enables us to meet the escalating demand for concrete in Sabah, fueled by large-scale infrastructure projects outlined in Budget 2025.
“With these facilities, we are well-prepared to reinforce our role as the region’s primary concrete supplier, providing materials essential for Sabah’s development," said MBGB’s executive director of corporate and strategic planning, Derek Phang Kiew Lim.
The company said the facilities are set to fuel operational scalability for both EXPO and Jesselton Concrete, facilitating the procurement of advanced machinery, ensuring consistent working capital, and supporting project expansions to meet Sabah’s escalating demand for construction materials.
The RM30.85 million banking facilities allocated to EXPO, a 70 per cent-owned subsidiary of Meta Bright, comprised of a RM5 million industrial hire purchase facility, a RM2.5 million forward exchange contract facility and RM23.35 million in various banking facilities.
Meanwhile, EXPO's wholly-owned subsidiary Jesselton Concrete secured a RM1 million industrial hire purchase facility and RM12 million in various credit facilities from HLB.
-- BERNAMA