AUTOMOTIVE and engineering-based EP Manufacturing Bhd is surely eyeing a piece of pie in the lucrative electric vehicle (EV) scene.
This follows the company’s inking of a memorandum of understanding (MOU) with Malaysia Automotive Robotics and IoT Institute (MARii) to collaborate and venture into a super delivery ecosystem and EVs.
Both partners agree to explore the establishment of a production and localisation plan to assemble two-wheel and four-wheel EVs. This will include a marketing infrastructure to sell these EVs in the local Malaysian market together with a charging network to support them.
“The recent Budget 2022 announcement on elimination of all taxes on EVs in Malaysia shows the Government’s seriousness to accelerate the EV uptake and development of EV infrastructures and ecosystems,” commented EP Manufacturing’s executive chairman Hamidon Abdullah. “There will be new norms, and these are opportunities for us.”
He further noted that EP Manufacturing’s new direction is a logical next step as it already has the building blocks and infrastructure.
“The appointment of new directors recently will also accelerate our business agenda with their wealth of experience, network and accomplishments both locally and overseas,” added Hamidon.
On Oct 28, EP Manufacturing announced the appointment of two new directors, namely independent non-executive director (INED) Derek Cheng Sheng and executive director Mac Ho Kok Wei as the company seeks to undertake a new business agenda.
Cheng who has over 20 years of experience in financial services, investment and corporate management, is currently a senior adviser to Blackstone Group (HK) Ltd while Ho is the managing director (ASEAN) for HKFAEx Group Ltd since 2020.
Additionally, the group has also set up a satellite office in China to help source and identify opportunities for collaboration with EV players in China.
To spearhead this, it has appointed director and country head for China Marcus Goh Kee Lun who holds the position of CEO in HKICEx Ltd, managing director (China) of HKFAEx Group Ltd as well as fund manager-cum-partner in CIS Pride Fund.
Meanwhile, MARii is an agency established under the purview of the Ministry of International Trade and Industry Malaysia (MITI) that serves to spur the development of strategic and operational intelligent systems through the humanisation and utilisation of smart platforms, applications and digital technologies such as big data analytics and artificial intelligence.
This shall include the focus on enhancing technology, human capital, supply chain, market outreach and aftersales capabilities in the automotive industry and connected mobility ecosystem.
At 4pm, EP Manufacturing was down 1 sen or 0.88% to RM1.13 with 53.09 million shares traded, thus valuing the company at RM223 mil. – Nov 10, 2021
