Seated (from left) are Liu, Ahmed Khalaf and Hamidon after the agreements were sighned recently.
KUALA LUMPUR: Auto parts maker, EP Manufacturing Bhd has entered into two investment agreements (IA) on its venture into the two-wheeled electric vehicles (EVs) business.In a filing with Bursa Malaysia today, EP Manufacturing said the first agreement, with a minimum investment amount of US$50 million (RM228mil), was inked between the company and CIS Pride Fund SPC (CPFS), Sharkgulf Technologies Group Ltd (Sharkgulf) as well as Blueshark Holding Ltd (Blueshark).
Blueshark, set up in 2018, is an electric scooter maker from China. Its first scooter was the Blueshark R1, launched in July 2019.
"Under the first agreement, CPFS, being the investor, will invest in the super delivery ecosystem project by procuring and buying battery swapping stations and lithium batteries from the company/Sharkgulf, and will appoint Blueshark as the manager to oversee and manage the delivery of the project," it said.
Meanwhile, the second agreement was signed by EP Manufacturing with Siraj Holding LLC, Siraj Holding Sdn Bhd and Sharkgulf, involving a total minimum investment amount of US$125 million (RM569mil).
"Siraj Holding LLC, being the investor, will invest in the company for the purpose of procuring and purchasing two-wheel electric vehicles from the company/Sharkgulf, which will be sold and distributed in South-East Asia.
"Siraj Holding Sdn Bhd will be appointed as the manager by Siraj Holding LLC to oversee and manage the delivery of the project," it said, adding that a bank guarantee and/or corporate guarantee would be provided by the latter for an investment amount of US$50 million.
Present at the signing ceremony in Dubai were Sharkgulf chief executive officer and founder Tiger Liu Hulin, Siraj Holding LLC chairman Ahmed Khalaf Al-Otaiba and EP Manufacturing executive chairman Hamidon Abdullah.
