KUALA LUMPUR (April 24): Meta Bright Group Bhd has secured a new equipment leasing contract from Australian copper mining company Mt Cuthbert Resources Pty Ltd (MCR) for its mining operations.

In a bourse filing on Wednesday, Meta Bright stated that its wholly-owned subsidiary, Meta Bright Australia Pty Ltd, has entered into a leasing contract with MCR.

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 (approximately RM24.82 million). The equipment list includes machinery, vehicles and other mining equipment.

Based on the assumed acquisition price of A$8 million for the equipment, it is anticipated to contribute a total monthly rental of A$222,950, the group said.

In view of the Meta Bright’s executive director and major shareholder Datuk Lee Wai Mun also being a major shareholder of Mt Cuthbert, the group noted that it will seek shareholder approval for the respective leasing agreement at a forthcoming extraordinary general meeting (EGM).

Lee holds a 52.03% indirect stake in Meta Bright via his vehicle Leading Ventures Sdn Bhd.

Meta Bright corporate and strategic planning executive director Derek Phang Kiew Lim expressed confidence that the new contract with MCR will bolster the group's financial performance, starting from the second quarter of the 2025 financial year.

Phang highlighted that the group's strategic pivot into machinery and equipment leasing has enabled it to tap into the robust growth of Australia's mining sector, which continues to exhibit significant potential.

“Our strategic focus on the equipment leasing sector is yielding dividends, allowing us to capitalise on growth opportunities within Australia's dynamic industrial landscape," he noted.

Shares in Meta Bright settled half a sen or 3.23% higher at 16 sen on Wednesday, valuing the group at RM400.87 million.