KUALA LUMPUR (Jan 9): EP Manufacturing Bhd has formed a partnership with two foreign companies to sell two-wheel electric vehicles (EVs) in Indonesia and Vietnam.

The group said its wholly-owned subsidiary, EP Blueshark Sdn Bhd (EBSB), has entered into a master agreement with Averte Global Pte Ltd and Blueshark Group Ltd for the purpose of capturing the e-motorbike business opportunities in the two countries.

Averte is a Singapore-based green products and services provider, while Blueshark is a Hong Kong-based two-wheel EV manufacturer, EP Manufacturing said in a bourse filing.

It said 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, and not less than two million units over the five-year term of the agreement.

“The proposed collaboration will be funded via internally-generated funds and/or proceeds from equity and/or debt financing in future,” the filing said, adding that the deal is expected to contribute positively to EP Manufacturing’s revenues in the next five years.

Shares in EP Manufacturing finished 2.5 sen or 2.56% higher at RM1 on Monday (Jan 9), giving the group a market capitalisation of RM219.16 million.