Malton, HWGB inks MoU to explore electric vehicle venture

KUALA LUMPUR, March 26 -- Malton Bhd has entered into a memorandum of understanding (MoU) with Ho Wah Genting Bhd (HWGB) on its intention to invest in the latter’s new wholly-owned subsidiary, HWGB EV Sdn Bhd.

In a filing with Bursa Malaysia today, Malton said it intends to invest in HWGB EV through the acquisition of a 14 per cent equity interest in the company via a subsidiary to be nominated by Malton.

It said the MoU represents an opportunity for Malton and its subsidiaries to invest in HWGB EV’s future business of manufacturing, assembling and distributing electric vehicles (EV) in Malaysia.

“The HWGB EV investment is subject to Malton obtaining further information in relation to the EV project for further evaluation, and the consideration for the investment shall be decided after further evaluation of the project and discussion with HWGB.

“The MoU enables the group to have access to further information in relation to the EV programme and to conduct its internal assessment and feasibility study on the viability of investing in HWGB EV," said Malton. 

The property developer added that the MoU would not have any effect on the group’s share capital and shareholding, as well as its net assets, gearing, earnings and earnings per share.




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