KUALA LUMPUR: Auto parts makers and distributor EP Manufacturing Bhd's share price jumped as much as 33.09 per cent or 23.5 sen in morning trade today, after the company said it received conditional approval to manufacture and assemble electric vehicles yesterday.
In a filing with Bursa Malaysia Securities, EP Manufacturing announced that its subsidiary, Peps-JV (Melaka) Sdn Bhd, received conditional approval from Ministry of Investment, Trade and Industry (MITI) to manufacture and assemble energy efficient vehicles, electric passenger vehicles and electric commercial vehicles and other related products in Malaysia.
This approval is subject to Peps JV satisfying certain conditions, which were not disclosed, within six months.
The company's share price settled 30.99 per cent higher at midday at 93 sen, with some 43.1 million shares changing hand. It was the sixth most actively traded counter.
EP Manufacturing in its announcement said the Manufacturing License under the Industrial Co-ordination Act 1975 will open up new business opportunities for revenue and business growth while aligning the business with sustainability initiatives.