PTT Synergy inks MOU with two firms on electric battery leasing services for EV support - MIDA | Malaysian Investment Development Authority
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PTT Synergy inks MOU with two firms on electric battery leasing services for EV support

PTT Synergy inks MOU with two firms on electric battery leasing services for EV support

13 Jan 2023

Construction and property firm PTT Synergy Group Bhd (PTTS) has inked a memorandum of understanding (MOU) with China-based SANY International Developing (M) Sdn Bhd and Rootcloud Technology (Singapore) Pte Ltd.

According to PTTS’s filing with Bursa Malaysia on Friday (Jan 13), the MOU intends to explore the possibility of collaboration in the areas of electric vehicle (EV) support and solution via electric battery leasing services, provision of renewable energy (RE) and zero carbon logistic instrument.

“The EV project, should it materialise, would also be expected to contribute towards the group’s competency in regard to supporting the EV industry — in respect of EV trucks and batteries, amongst others — and further support the group’s sustainable environmental targets to reduce overall carbon emissions going forward as the group shall also be the user for the EV prime movers and trucks under the EV project,” PTTS said.

The duration of the agreement is 12 months from the date of the MOU or until a definitive agreement is carried out.

Areas of business include the construction of EV charging station, EV battery charging and maintenance service, EV trucks assembly and sales, EY trucks tracking system, EV battery leasing with after-lease service.

Others include a carbon management platform for EV truck fleet, and an alternative source of energy solar panel and wind turbine.

In terms of scope of collaboration, SANY will be responsible for manufacturing, delivering and providing technical support and maintenance services for EV trucks, EV projects and other related business.

Meanwhile, Rootcloud shall be providing the software, hardware and ecosystem of the EV trucks, as well as maintaining the batteries.

“PTTS shall provide its full support, liaison, and connection to facilitate the application of licences and permits from the government agencies and local contact as necessary,” the group said about its role in the project.

PTTS, however, acknowledged that the execution of the MOU is not expected to have any material effect on the earnings, net assets, gearing, share capital and substantial shareholders’ shareholdings of PTTS for the financial year ending June 30, 2023.

“The board, having considered all aspects of the MOU, is of the opinion that the execution of the MOU is in the best interests of the group,” said PTTS.

The group’s share price closed unchanged at RM1.02. Its market capitalisation stood at RM91.8 million.

Source: The Edge Markets