KUALA LUMPUR (June 30): Insas Bhd has teamed up with GreenTech Catalyst Sdn Bhd, a government-linked entity, to import electric vehicles into the country.  

Insas and its 55% indirect subsidiary, PRAC Logistics Sdn Bhd, have entered into an agreement with GreenTech Catalyst to formalise the relationship and responsibilities for the collaboration.

Under the agreement, a new joint venture company will be tasked with importing the vehicles from overseas.

PRAC Logistics is engaged in the long term car lease, fleet management and limousine service.  

GreenTech Catalyst is a subsidiary of the Malaysian Green Technology Corporation, an agency under the purview of the Ministry of Energy, Green Technology and Water.  

One of the the four flagship projects of Malaysian Green Technology Corporation, is electric mobility, which aims to increase public and industry utilisation of electric vehicles.

"By capitalizing on their shared expertise and resources, the parties can achieve a first mover advantage in obtaining the approved permits for the imports of electric vehicles into Malaysia," said Insas.

It added that the use of electric vehicles offers strategic synergies for the car rental, long-term car-leasing and limousine operations managed by the group.

The share price of Insas fell half a sen or 0.77% to 64.5 sen today, for a market value of RM430.95 million.