English
contrastBtngrayscaleBtn oku-icon

|

plusBtn crossBtn minusBtn

|

This site
is mobile
responsive

sticky-logo

Ta Win to step up push into electric vehicle industry

Ta Win to step up push into electric vehicle industry

01 Sep 2021

Ta Win Holdings Bhd, which will undertake a private placement exercise, has signed a memorandum of understanding (MoU) with RR One Capital d.o.o. for a joint venture relating to the application of smart contracts on blockchain in the infrastructure development of electric vehicle charging stations and integrated charging ecosystem.

Within a month, Ta Win and RR One will negotiate to form a joint venture company whereby RR One will make available to Ta Win of its technical know-how.

“In addition to participating in the equity of the joint venture company, RR One will potentially be a strategic investor in Ta Win through the subscription of shares via the proposed private placement,“ Ta Win said in a statement today.

Ta Win has tabled a minimum scenario of issuing a total of 682.7 million shares which will raise RM109.2 million in proceeds, based on an illustrated issue price of 16 sen per placement share. The group has also tabled a maximum scenario of issuing a total of 1.2 billion shares, which will raise RM187.8 million in proceeds, based on the illustrated issue price of 16 sen per placement share.

Based on the minimum scenario, 68.7% of the proceeds will be utilised for the expansion of its signal and power solutions business and 30.6% for future investments or projects.

Currently, Ta Win is setting up the first privately owned electron beam irradiation plant in Malaysia with patented proprietary cross-linking and ionizing irradiation treatment using electron beam irradiation technology.

Following Ta Win’s maiden foray into Aptiv PLC’s global automotive supply chain, the group intends to accelerate into the EV industry by establishing three electron beam irradiation plants. These plants will enable the group to develop technology solutions and manufacture highly engineered products that enable customers to respond to the mega trend in EV.

With the group’s patented proprietary cross-linking and ionizing irradiation treatment using electron beam irradiation technology, the application can also be applied across many growing industries such as automotive, electrical and electronic, oil and gas and renewable energy.

Ta Win managing director Datuk Seri Ngu Tieng Ung said the automotive industry is undergoing rapid development in mega trends such as increasing demand for EVs equipped with latest automotive solutions, advanced technologies and vehicle connectivity, as well as increasing government regulations related to vehicle safety, fuel efficiency and emissions control.

“We believe that the revolution of EVs has just begun and it will only be a matter of time before this segment achieves exponential growth. Based on the minimum scenario drawn out for the private placement, we have allocated 99.3% of the proceeds for our business expansion especially in the EV value chain.

“With that and the potential collaboration with RR One, Ta Win will be well positioned to pursue and capture the exponential growth in these mega trends. With the electron beam irradiation plants, we will be able to improve our products and meet higher international standards that are adhered to by overseas manufacturers and to fulfil Malaysia’s local electrical wire and cable industry as well we enabling local manufacturers to upgrade their technology content level of their products and compete with overseas manufacturers,” Ngu said.

Source: The Sun Daily

TwitterLinkedInFacebookWhatsApp
wpChatIcon
X