Meta Bright bags RM24.8m equipment leasing contract

Meta Bright Group Bhd, via wholly owned Australian subsidiary Meta Bright Australia Pty Ltd, has entered into a new leasing contract with Mt Cuthbert Resources Pty Ltd (MCR), marking another significant step in Meta Bright Group’s strategic expansion in the equipment leasing market.

A filing with Bursa Malaysia showed that under the terms of the contract, 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 at up to A$8 million (RM24.82 million). They include machinery, vehicles and other mining equipment necessary for MCR’s readiness to respond to the promising copper mining outlook.

The contract is expected to generate substantial monthly recurring rental income, estimated at A$222,950, enhancing Meta Bright Group’s recurring revenue streams and reinforcing its presence in the Australian market.

Meta Bright corporate and strategic planning executive director Derek Phang Kiew Lim said the contract strengthens its relationship with MCR and underscores its capability and commitment to support the mining industry with high-quality and reliable equipment.

“Our strategic decision to diversify into machinery and equipment leasing has allowed us to tap into the robust growth of the mining sector in Australia, which continues to show significant potential.”

The mining industry in Australia is a critical economic sector, with growth driven by increasing domestic and international demand for minerals. The industry’s income from mineral exploration is projected to grow to A$5.7 billion by 2025, at a compound aggregate growth rate (CAGR) of 11.3% from 2023.

The equipment leasing market in Australia is similarly promising, and expected to grow to US$1.9 billion by 2025.

“Our strategic focus on the equipment leasing sector is paying dividends, enabling us to leverage growth opportunities within Australia’s dynamic industrial landscape. We are confident that this new contract with MCR will contribute positively to our financial performance, starting from the second quarter of the financial year 2025,” said Phang.