HO WAH GENTING BERHAD INKS MOU WITH AITOU VENTURE CAPITAL TO BRING IN IT TECHNOLOGY PROWESS AND INVESTMENT FOR THE INTRODUCTION OF EV INTO MALAYSIA

KUALA LUMPUR, 24 MARCH 2021 – Ho Wah Genting Berhad (“HWGB” or the “Company”) (Bursa Stock Code: 9601) today announced that its wholly-owned subsidiary, HWGB EV Sdn Bhd (“HWGB EV”) has entered into a Memorandum of Understanding (“MOU”) with AiTou Venture Capital (“AiTou”) to establish a basis of co-operation and collaboration between the HWGB EV and AiTou for the purpose of introducing electric vehicles in Malaysia

Established on 30 April 2015, AiTou is an investment company that principally involves in project services such as participation in the formulation of strategies and business plan, assistance in follow-up financing, assistance in expanding upstream and downstream channels, and daily operational management. AiTou mainly focuses on business start-ups in the field of IT technology and information services, and is committed to become a prominent Venture Capital investment institution that specializes in the IT field.

The electric vehicle industry in Malaysia is an emerging one, and AiTou is looking to invest in HWGB EV venture into introducing EV in Malaysia. The collaboration with AiTou will allow HWGB to tap into their expertise in financial resources planning, IT technology expertise and the formulation of strategies of introducing electric vehicles in Malaysia and subsequently HWGB shall procure the transfer of 5% of the issued shares on HWGB EV to AiTou.

Chief Executive Officer of HWGB, Dato’ Aaron Lim said: “We are confident that the collaboration with AiTou will definitely boost our efforts in the expansion into the Malaysian electric vehicle industry. HWGB and AiTou firmly recognized the potential of the electric vehicle in Malaysia as a growing industry. With AiTou bringing its financial and investment expertise on board with us, we will look to fully explore and capitalize on the potential of the electric vehicle industry.”

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