Gemilang buys 200 electric buses from Thailand's EA, eyes local assembly

KUALA LUMPUR: Gemilang International Ltd (GML) is buying 200 units of electric buses from a joint-venture (JV) company to be formed between Computer Forms (Malaysia) Bhd (CFM) and Energy Absolute Public Company (EA).

GML, a bus and bus body manufacturer,  said CFM and EA had jointly announced that the proposed JV company would distribute EA's products including electric buses in Malaysia.

GML presented a Letter of Intent for the acquisition to CFM and EA at the Malaysia International Trade and Exhibition Centre here yesterday.

The purchase was driven by the Letter of Mandate (LOM) that GML received from Go Electric Automotive Sdn Bhd (GEA), which authorised GML to explore and assist with the procurement, retrofitting and homologation of electric buses manufactured by EA.

The LOM also stated that GEA would be the ultimate owner of the 200 electric buses once the homologation of the buses for the Malaysian market by GML was completed. 

GEA is a Malaysian company involved in the business of leasing zero-emission vehicles to end users, with a target for 200 electric buses to reach local roads by 2023.

GML chairman and chief executive officer Pang Chong Yong said EA was a reputable listed company in Thailand, with a market capitalisation of roughly RM40 billion. 

"The company is involved in renewable energy and zero-emission mobility sectors, as seen with their electric ferries and buses deployed across Thailand. Today, we are pleased to see EA establishing its foothold in Malaysia through collaboration with CFM," he said in a statement.

Pang added that the mandate from GEA allowed GML to assist with the negotiation of commercial terms and, where necessary, to assist with the due diligence of EA and their products. 

"Eventually, we wish these products can be localised and this is in line with the Malaysian government's initiative to develop the electric vehicle industry," he added.

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