KUALA LUMPUR (Nov 10): EP Manufacturing Bhd (EPMB) said on Wednesday the car-parts manufacturer and the Ministry of International Trade and Industry (MITI) agency Malaysia Automotive Robotics and IoT Institute (MARii) have entered into a memorandum of understanding (MOU) to explore areas of collaboration in the production of two- and four-wheel electric vehicles (EVs) and establishment of an electronic payment system, which will be part of a "super delivery ecosystem".
In statements to Bursa Malaysia, EPMB said the two-year MOU includes details of EPMB and MARii's planned collaboration to establish a marketing infrastructure to sell these EVs comprising bikes, cars and trucks in the Malaysian and ASEAN markets.
EPMB said that under the MOU, EPMB and MARii are also exploring the establishment of a "charging network to support EVs sold in Malaysia".
"The MOU is intended to enable EPMB and MARii to establish a super delivery ecosystem, and to incorporate this with an electronic payment system. There will be a redefinition of the present delivery infrastructure and a consolidation to take it to the next level. This will give rise to a structured integrated platform to better serve all involved.
"EPMB and MARii agree to explore the establishment of a production and localisation plan to assemble two-wheel and four-wheel EVs. This will include a marketing infrastructure to sell these EVs in the local Malaysian market together with a charging network to support them," EPMB said.
EPMB has been closely watched after Bursa issued on Tuesday (Nov 9) an unusual market activity (UMA) query on recent sharp rise in price and trading volume of EPMB shares.
On Wednesday, EPMB said that save for the signing of the MOU with MARii, EPMB is not aware of any other EPMB-related corporate developments which might have led to the company's share price and volume rise.
EPMB's share price rose to another record high on Wednesday (Nov 10) after the stock climbed 17 sen or 14.91% to RM1.31.
At Bursa's 12.30pm break, EPMB's share price pared gains to RM1.22 after the stock was traded at between RM1.11 and RM1.31 so far.
EPMB saw 37.3 million shares traded. At its RM1.31 record-high share price, EPMB has a market value of about RM258.8 million based on the company's 197.56 million issued shares.
On Tuesday (Nov 9), EPMB's share price closed up 19.5 sen or 20.63% at RM1.14 after hitting limit-up at the stock's previous record high of RM1.24.
EPMB's share-trade volume finished higher at 57.58 million shares on Tuesday from 27.93 million on Monday (Nov 8).