HO WAH GENTING BERHAD PARTNERS PAVILION DEVELOPER, MALTON BERHAD FOR ITS ELECTRIC VEHICLE INITIATIVES IN MALAYSIA
KUALA LUMPUR, 26 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 Malton Berhad (“Malton”) (KLSE: 6181) to establish a basis of co-operation and collaboration between HWGB EV and Malton for the purpose of introducing electric vehicles in Malaysia.
Listed on the Main Board of Bursa Malaysia Securities Berhad in 2002, Malton is a reputable property developer in Malaysia having completed more than RM2 billion worth of developments in the country. It is principally involved in property development, construction, property management and property investment. Malton’s vast portfolio includes townships, luxury homes, landed and high-rise residences, offices and commercial properties in prime areas of Greater Kuala Lumpur, Penang, Malacca and Johor. Malton has completed renowned and large scale private developments projects, such as Pavilion Kuala Lumpur, Damen (USJ Subang), Wangsa 118 (Wangsa Maju) and Galleria (Equine Park). Its current on-going iconic integrated development, Pavilion Bukit Jalil City, has reaffirmed that it has a solid presence in the local property market.
Malton is looking to collaborate with HWGB EV venture into introducing EV in Malaysia by investing in HWGB EV. It intends to invest in HWGB EV through the acquisition of a 14% equity interest in HWGB EV by a subsidiary nominated by Malton.
Chief Executive Officer of HWGB, Dato’ Aaron Lim said: “The collaboration with Malton is in line with HWGB expansion into the electric vehicle industry in Malaysia. We believe Malton recognize the potential of the electric vehicle in Malaysia as a growing industry, thus we are confident that the partnership with Malton will further enhance our reach and fully capitalize by taking the leadership on the potential of the electric vehicle market in both the South East Asia and Malaysia”.