Ho Wah Genting inks MOU for EV venture

19 Mar 2021

Ho Wah Genting Bhd (HWGB) and its subsidiary HWGB EV Sdn Bhd today entered into a memorandum of understanding (MOU) with China’s Seiyong Motor Co Ltd to collaborate on the assembling and distribution of electric vehicles in Malaysia.

Seiyong Motor is engaged in the research and development and sales of electric vehicles, manufacture and assembling of electric vehicles.

“The entry into the MOU with Seiyong Motor is to explore the potential expansion into electric vehicle sector as part of the company’s strategic plan to seek an alternative revenue source by expanding its business activities into the assembling and distribution of electric vehicles,“ HWGB said in a stock exchange filing.

The MOU will continue in force for a period of 12 months. Should the business materialise, it is expected to contribute positively to the future earnings of the company.

Source: The Sun Daily