HWGB undertakes strategic moves in electric vehicle development

KUALA LUMPUR (April 28): Ho Wah Genting Bhd (HWGB) and its wholly-owned subsidiary, HWGB EV Sdn Bhd (HWGB EV), have undertaken several strategic moves together with its partners towards the introduction of electric vehicles (EV) in Malaysia.

In a statement today, HWGB said that it has entered into separate Memoranda of Understanding with Seiyong Motor Co Ltd, Xiamen Chief Electric Vehicle Co Ltd and Beijing Aitou Capital Management Ltd (AiTou) for the purpose of introducing electric vehicles in Malaysia.

“HWGB recognises the expertise that they can provide for the company’s plan for the introduction of EV into Malaysia, where each plays a different but essential role in this venture,” it said in a statement today.

It added that the company has completed the transfer of 20%, 10%, and five per cent of the issued shares in HWGB EV to Seiyong Motor, Xiamen Chief and AiTou respectively.

“This is the first step towards establishing a fruitful working relationship with them and we are confident that this will lead to greater growth for both parties in the foreseeable future,” added HWGB.