KUALA LUMPUR (Feb 13): CSH Alliance Bhd (formerly KTG Bhd) is disposing of its electric vehicles (EV) distributor Alliance EV Sdn Bhd for RM20 million cash to glovemaker Hong Seng Consolidated Bhd.
Alliance EV owns 55.32 acres of leasehold industrial land in Tanjung Malim, Perak, which is intended for the set-up of an EV battery manufacturing plant and local commercial EV assembly plant, CSH said in a stock exchange filing on Monday (Feb 13).
Alliance EV has also obtained a manufacturing licence from EV producer BYD Co Ltd for the assembly of the latter’s commercial electric van T3 at the Tanjung Malim land, it said.
The Tanjung Malim land owned by Alliance EV was acquired last year from Minetech Resources Bhd for a price tag of RM12 million, according to reports.
In a separate filing, CSH said Alliance EV also owns a 1.07 acre land in Petaling Jaya, valued at RM10.38 million.
It was reported that Alliance EV was also applying for approved permits (APs) from relevant authorities to bring in complete built-up (CBU) units of the van prior to the start of the assembly operations.
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