HWGB EV CONSOLIDATED THEIR STRATEGIC MOVES WITH THE PARTNERS IN THE ELECTRIC VEHICLE DEVELOPMENT IN MALAYSIA
KUALA LUMPUR, 28 APRIL 2021 – Ho Wah Genting Berhad (“HWGB” or the “Company”) (Bursa Stock Code: 9601) announced that the company on 27 April 2021 have completed the transfer of the 20%, 10%, and 5% of the issued shares in HWGB EV Sdn Bhd (“HWGB EV”) to Seiyong Motor Co. Ltd (“Seiyong Motor”), XIAMEN CHIEF Electric Vehicle Co. Ltd (“Xiamen Chief”), and Beijing Aitou Capital Management Ltd (“AiTou”) respectively.
HWGB together with its wholly-owned subsidiary, HWGB EV had entered into a separate Memorandum of Understanding with Seiyong Motor, Xiamen Chief and AiTou respectively for the purpose of introducing electric vehicles in Malaysia. HWGB recognizes the expertise that they can provide into the company plan for the introduction of EV into Malaysia, where each of them plays a different but essential role in this venture.
The management of HWGB said: “The completion of the shares transfers to Seiyong Motor, Xiamen Chief, and AiTou shows that we are committed in our efforts in the expansion into the electric vehicle in Malaysia. This is the first step towards establishing a fruitful working relationship with them and we are confident this will lead to greater growth for both parties in the foreseeable future”.