KUALA LUMPUR: AHB Holdings Bhd has inked a term sheet to acquire a 51 per cent stake in local electric vehicle (EV) company, CAF Motors Sdn Bhd, for RM 10 million.
CAF Motors has the exclusive rights in marketing, selling as well as distributing the CAF electric van namely CE1.
AHB said in a statement that after the forthcoming due diligence and execution of shares sales agreement to acquire CAF from CAF Global Tech Sdn Bhd, it will be fully responsible for the sales, distribution and after-sales service of CAF branded EV products.
"Through this acquisition, AHB would venture into the EV industry, expecting to contribute to future revenue and profits.
"Potential customers for the EV van are local logistics and major online ecommerce companies," AHB said.
In May 2023, Tunku Kamariah Aminah Maimunah Iskandariah Sultan Iskandar was appointed as the new non-executive chairperson of AHB.
"The princess of Johor's appointment has attracted the attention of investors and planted hope for future development of the company," it said.
AHB's core business is interior office solutions including office furniture and specialised computer finance solutions.