1. INTRODUCTION
The Board of Directors of Meta Bright Group Berhad ("MBGB") wishes to announce that its wholly-owned subsidiary, FBO Land (Setapak) Sdn. Bhd. ("FBO Land"), has on 12 May 2026 executed a Supply Agreement with Renewable Energy ("Agreement") with Tenaga Nasional Berhad ("TNB") and Surau Perumahan PASDEC II Indera Mahkota ("Surau") to implement a Solar Photovoltaic ("PV") System at the Surau's premises.
The Agreement represents the successful materialisation of the collaboration pursuant to the Memorandum of Understanding ("MOU") entered into between MBGB and Koperasi Kakitangan Istana Pahang Berhad ("KKIPB") as announced on 30 May 2023. Under the MOU, both parties agreed to explore, amongst others, the implementation of Solar PV Systems on the rooftops of mosques within the state of Pahang under the Supply Agreement with Renewable Energy Scheme ("SARE"). The execution of the Agreement represents a concrete conclusion arising from the said MOU.
2. SALIENT TERMS OF THE AGREEMENT
The key terms of the Agreement are as follows:
(a) System: Solar PV System
(b) Capacity: 43.66 kWp (DC) / 36.00 kWac
(c) Location: Surau Perumahan PASDEC II Indera Mahkota, Lrg IM 2/41, Pasdec Makmur, 25200 Indera Mahkota, Pahang.
(d) Contract Term: 20 years from the Effective Date
(e) Solar Tariff: RM0.4054 per kWh
(f) Ownership: FBO Land owns the Solar PV System throughout the 20-year term. TNB owns the Solar Energy Meter.
(g) Transfer at End of Term: Upon expiry of the 20-year term, ownership of the Solar PV System and the Solar Energy Meter shall be transferred to the Surau for RM1.00.
2.1. Key Obligations of FBO Land
(a) To design, construct, install, operate, and maintain the Solar PV System at its own cost on the Surau's premises.
(b) To obtain all requisite permits and approvals from relevant government authorities.
(c) To maintain appropriate insurance coverage for the Solar PV System at its own cost.
2.2. Key Obligations of the Surau
(a) To provide FBO Land and TNB all necessary access rights to the premises for construction, installation, inspection, testing, operation, maintenance, replacement, removal, and/or reading of the system.
(b) To provide all necessary documents to FBO Land for obtaining the requisite permits.
(c) Not to cause any obstruction, tampering, or modification to the Solar PV System or Solar Energy Meter.
(d) To ensure all information provided is true, complete, accurate, and not misleading.
2.3. Guarantee Arrangement
(a) The Surau's management committee has executed a Letter of Undertaking to guarantee the Surau's obligations under the Agreement.
2.4. Termination Rights
(a) The Agreement contains standard termination rights, including termination for default by either party, termination for convenience, and termination due to force majeure.
3. RATIONALE FOR THE AGREEMENT
The Agreement represents the realisation of the Grid-Connected Photovoltaic ("GCPV") collaboration under the MOU entered into between MBGB and KKIPB dated 30 May 2023. This project enables MBGB, through FBO Land, to participate in the renewable energy sector by implementing Solar PV systems at Surau premises in Pahang, contributing to the state's sustainability goals while generating long-term recurring income for the Group.
4. RISK FACTORS
There are no foreseeable significant risks other than operational risks and standard contract performance risks associated with the SARE during the contract period.
5. FINANCIAL EFFECTS
Barring any unforeseen circumstances, the Agreement is expected to contribute positively towards the future earnings of FBO Land and the MBGB Group as a whole for the duration of the Agreement.
The Agreement will not have any effect on the share capital and substantial shareholders' shareholdings of the Company.
6. INTERESTS OF DIRECTORS, MAJOR SHAREHOLDERS AND PERSONS CONNECTED
None of the directors, major shareholders of the Company, and/or persons connected to them have any interest, whether direct and/or indirect, in the Agreement or the project.
7. STATEMENT BY THE BOARD
The Board, having taken into consideration all aspects of the Agreement, is of the opinion that the Agreement is in the best interest of MBGB.
This announcement is dated 12 May 2026.