CSH 7165 CSH ALLIANCE BERHAD obtains manufacturing licence to assemble electric vans
KUALA LUMPUR (Jan 6): CSH Alliance Bhd said it has obtained the manufacturing licence for the assembly of commercial electric vans, primarily the BYD T3 compact van.
The group said it is now applying for an approved permit from the Ministry of International Trade and Industry (MITI), as well as other approvals from relevant authorities, to bring in the complete-built-up (CBU) units of BYD T3 into Malaysia for distribution purposes before the set up of the local assembly plant in Tanjung Malim, Perak.
CSH added that its wholly-owned subsidiary Alliance EV Sdn Bhd will proceed to finalise the detailed commercial arrangements with BYD Malaysia Sdn Bhd for the implementation of the local assembly plant.
“Further announcements will be made by the company once the parties reach an agreement for the EV project,” CSH said in a bourse filing.
In a separate press statement, CSH executive director Jeff Chong said the company looks forward to the approved permit to bring in the CBU vans as it will largely benefit the commercial industry, mainly the logistics and transportation sector in lowering their carbon emissions.
In March last year, the group had announced Alliance EV's venture into the EV market through the signing of a Memorandum of Understanding with BYD Malaysia, the Malaysian arm of China’s BYD Company Ltd.
In May, Alliance EV acquired 55 acres of land in Tanjung Malim for the local EV assembly plant which resides within the Automotive Hi-Tech Valley (AHTV).
AHTV is expected to be a high impact major project to boost the national automotive industry and is envisioned to be an automotive industry hub for the Asean region.
CSH's share price closed unchanged at 4.5 sen on Friday valuing the company at RM62.16 million.
Read also: CSH Alliance's unit appointed as distributor of electric vans
CSH Alliance’s EV unit to acquire land in Perak from Minetech for RM12m to build EV assembly plant
http://www.theedgemarkets.com/node/650775
VT vs VTI: Which ETF should you invest in?
2 hours ago
