EP Manufacturing Signs Agreement To Sell EV Motorbikes In Indonesia, Vietnam

EP Manufacturing Bhd has teamed up with two foreign firms to sell two-wheel electric vehicles (EVs) in Indonesia and Vietnam. EP Blueshark Sdn Bhd (EBSB), the group's wholly-owned subsidiary, has entered into a master agreement with Averte Global Pte Ltd and Blueshark Group Ltd to capture e-motorbike business opportunities in the two countries. EP Manufacturing said in a bourse filing that Averte is a Singapore-based green products and services provider, and Blueshark is a Hong Kong-based two-wheel EV manufacturer.

It stated that Averte and Blueshark may form a joint venture company, Averte Blueshark Asia Ltd, to purchase an initial 23,000 units of the e-motorbike from EBSB in 2023, with a total purchase price of not less than two million units over the five-year term of the agreement. "The proposed collaboration will be funded in the future through internally generated funds and/or proceeds from equity and/or debt financing," the filing said, adding that the deal is expected to boost EP Manufacturing's revenues over the next five years.