Press Release

200 New Electric Buses Expect to Reach Malaysian Roads by 2023

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PRESS RELEASE

IMMEDIATE RELEASE


200 New Electric Buses Expect to Reach Malaysian Roads by 2023
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KUALA LUMPUR, 26 SEPTEMBER 2022 - Gemilang International Limited (“GML”) (HKEX:6163), a leading bus and bus body manufacturer, presented a Letter of Intent (“LOI”) today to purchase 200 units of electric buses from a joint-venture company to be formed between Computer Forms (Malaysia) Berhad (“CFM”) and Energy Absolute Public Company (“EA”) during the signing ceremony held at the Malaysia International Trade and Exhibition Centre (MITEC), where CFM and EA jointly announced that the proposed joint-venture company will carry out the business of distributing the products of EA including electric buses, in Malaysia.

The LOI was driven by the Letter of Mandate (“LOM”) that GML received from Go Electric Automotive Sdn Bhd (“GEA”), in which the mandate authorised GML to explore and assist with the procurement, retrofitting and homologation of electric buses manufactured by EA (the “Project”)., it was acknowledged that any procurement shall be subject to the mutual acceptance of any further terms and conditions between GEA and GML, and mutual acceptance of terms and conditions between GML and the proposed JV company.

The LOM also stated that GEA shall be the ultimate owner of the 200 electric buses once the homologation of the buses for the Malaysian market by GML is completed. GEA is a Malaysian company that is involved in the business of leasing zero-emission vehicles to end users, with a target for 200 electric buses to reach Malaysian roads by 2023.

Chairman and CEO of GML, Mr. Pang Chong Yong
said, “EA is 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 their foothold in Malaysia through collaboration with CFM.”

The objective of the LOI sent to CFM and EA is to establish a non-binding but formal start to the cooperation. The implementation would be subject to final negotiations and agreement of all terms and conditions, prior to any execution of a formal binding agreement between the all the relevant parties.

Mr. Pang further added, “The mandate from GEA allows 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 EV industry.”

About Gemilang International Limited (“GML”)

GML is a leading environmentally friendly bus and bus body manufacturer in the Asia Pacific region. Headquartered in Malaysia, the Hong Kong listed company (HKEX:6163) has unique expertise in designing and manufacturing of bus and coach bodyworks (SKDs and CKDs), assembly of buses (CBUs) and the provision of related after-sales services and maintenance.

Over the past three (3) decades, GML has exported buses to more than 15 markets around the world including the USA, Australia, Hong Kong, and Singapore, with capabilities of complying the respective road safety regulations and market requirements.

GML strives to provide distinctive and sustainable solutions to meet the evolving needs from customers who are embracing green mobility for public transportation. The Group Chairman and CEO - Mr Pang Chong Yong believes that GML’s aluminium bus body superstructure is the most effective solution for electric buses due to its flexibility to adapt all kind of chassis and its lighter weight which results in better energy efficiency.
More information on www.gml.com.my.

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For more information, please contact:

Pang Jun Jie

Gemilang International Limited

Tel: (+607)-599 6666

E-mail: This email address is being protected from spambots. You need JavaScript enabled to view it.

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Issued by: Gemilang International Limited

Date: 26TH SEPTEMBER 2022

                                                                                                                      
 
 

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