EP Manufacturing inks investment agreements on EV business
19 Sep 2022
Auto parts maker EP Manufacturing Bhd has entered into two investment agreements (IAs) on its venture into the two-wheeled electric vehicle (EV) business.
In a filing with Bursa Malaysia on Monday (Sept 19), EP Manufacturing said the first agreement, with a minimum investment amount of US$50 million (RM227.48 million), was inked between the company and CIS Pride Fund SPC (CPFS), Sharkgulf Technologies Group Ltd as well as Blueshark Holding Ltd.
“Under the first IA, CPFS, being the investor, will invest in the super-delivery ecosystem project by procuring and purchasing battery swapping stations and lithium batteries from the company/Sharkgulf, and will appoint Blueshark as the manager to oversee and manage the delivery of the project,” it said.
Meanwhile, the second IA was signed by EP Manufacturing, Siraj Holding LLC (SHLLC), Siraj Holding Sdn Bhd (SHSB) and Sharkgulf, involving a total minimum investment amount of US$125 million.
“SHLLC, being the investor, will invest in the company for the purpose of procuring and purchasing two-wheeled EVs from the company/Sharkgulf, which will be sold and distributed in Southeast Asia.
“SHSB will be appointed as the manager by SHLLC to oversee and manage the delivery of the project,” it said, adding that a bank guarantee and/or corporate guarantee would be provided by SHLLC for an investment amount of US$50 million.