KUALA LUMPUR: EP Manufacturing Bhd
(EPMB) has entered right into a memorandum of settlement with CIS Pride Silver Rock Fund and China’s Sharkgulf Technologies Group Ltd to assemble, manufacture and distribute two-wheel digital automobiles (EVs) in Malaysia and Southeast Asia.
This endeavour will create a brand new chapter for EPMB to diversify, complementing its current enterprise, mentioned EPMB in a submitting with Bursa Malaysia right this moment.
“The events are anticipated to profit from the strategic cooperation by increasing the breadth of their capabilities and leveraging their mixed strengths,” it mentioned.
Sharkgulf is concerned in the enterprise of growing, producing and distributing two-wheel EVs.
As a part of the settlement, the corporate has agreed to undertake the grant of meeting, manufacturing and distribution rights, provision of technical help, Internet of Things (IoT) and expertise in addition to the grant of mental property rights.
Meanwhile, CIS’ function entails the institution of Sharkgulf’s manufacturing plant in China and/or EPMB’s manufacturing plant in Malaysia, finance leasing of the contract merchandise in addition to facilitation and administration of Sharkgulf’s product provide chain.
The settlement is just not anticipated to have any vital impact on the earnings, web belongings and gearing of EPMB for the monetary yr ending Dec 31, 2022. – Bernama
