The Board of Directors of MBGB wishes to announce that Meta Bright ChargeSini Sdn. Bhd. (“MBC”) has, on 18 July 2025, entered into three (3) separate novation agreements to novate all rights, responsibilities, and obligations of ChargeHere under the respective Principal Agreements to MBC (“Novation Agreements”).
MBC, a 51%-owned subsidiary of MBGB, is incorporated pursuant to the joint venture with ChargeHere as announced on 11 July 2025 and 15 July 2025 (“Joint Venture Agreement”).
The Principal Agreements govern the installation, operation, maintenance and management of EV charging stations at the following locations: -
- Bungaraya Condominium, Selangor with 2 AC and 1 DC chargers;
- Vertu Resort Condominium, Penang with 5 AC chargers; and
- Lexis Suites, Penang with 2 AC and 1 DC chargers.
Pursuant to the Novation Agreements, MBC will now assume all rights, responsibilities, and obligations relating to the installation, operation, maintenance and management of the EV charging infrastructure at the above locations.
Rationale
The novation of the Principal Agreements from ChargeHere is aligned with the objectives of the Joint Venture Agreement, which designates MBC as the vehicle to undertake EV charging infrastructure projects. It ensures all commercial benefits accrue to MBC and that both parties act in good faith to avoid conflicts and prioritise opportunities under the joint venture.
Risk Factors
There are no foreseeable material risks arising from the Novation Agreements other than the usual operational and/business risks associated with the implementation and maintenance of the EV charging stations during the contract period. While MBGB does not foresee any exceptional risks beyond those typical of such contracts, it is aware that unforeseen circumstances could arise that may impact performance. MBGB will take the necessary steps to mitigate the risks as and when it occurs.
Financial Effects
Barring any unforeseen circumstances, the novation of the Principal Agreements to MBC is expected to contribute positively to the future earnings of MBGB and its subsidiaries (“Group”) including MBC as a whole for the duration of the respective agreements.
The Novation Agreements will not have any effect on the share capital or substantial shareholders’ shareholdings of MBGB.
Interests Of Directors, Major Shareholders and Persons Connected
None of the directors, major shareholders of MBGB and/or persons connected to them has any interest, whether direct or indirect, in the Novation Agreements or in the respective clients who are parties to the Principal Agreements.
Approvals Required
The execution of the Novation Agreements is not subject to the approval of the shareholders of MBGB as the transactions are within the ordinary course of business of the Group and are non-related party transactions.
Statement by the Board
The Board, having taken into consideration all aspects of the Principal Agreements and the Novation Agreements, is of the opinion that the novation of the Principal Agreements to MBC is in the best interest of the Group.
This announcement is dated 21 July 2025.
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发表于 30-8-2025 03:58 AM
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