KUALA LUMPUR (May 24): Nexgram Holdings Bhd has teamed up with Shenzhen Hengsheng Energy Management Co Ltd, a Chinese firm involved in the manufacturing of new-energy vehicles (NEVs) and charging piles, to promote industrial development of NEV design and parts, as well as manufacture NEV parts and vehicles in Malaysia according to the Malaysian market.
In a bourse filing on Tuesday (May 24), Nexgram said its wholly-owned sub-subsidiary NEG Auto Group Sdn Bhd had on May 18 entered into a China-Malaysia NEV cooperation agreement with Shenzhen Hengsheng Energy Management Co Ltd for the purpose. The agreement will remain in force up to Dec 31, 2030.
Under the deal, NEG will purchase 300,000 NEVs from Hengsheng from 2022 to 2030, and another 20,000 A4 vehicles in total for the first phase of such a model. NEG will also become the general agent of Hengsheng’s model outside Greater China and will assist Hengsheng in promoting such model.
Nexgram said the agreement will not have any material impact on the group’s issued share capital, earnings and net assets for the financial year ending July 31, 2022, but is expected to contribute positively to its earnings during the tenure of the pact.
Nexgram shares closed unchanged at 1.5 sen on Tuesday, bringing it a market capitalisation of RM49.69 million.
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