KUALA LUMPUR: AHB Holdings Bhd has taken a giant leap into the future by diversifying further into the electric vehicle (EV) industry.
The company announced its ambitious plans after signing a memorandum of agreement to acquire KSP Vista Co Ltd (KPS Vista).
Upon the successful acquisition of KSP Vista, AHB will have directly entered the electric motorcycles business, potentially receiving the largest number of orders for e-motorcycles (e-motor) in the country.
AHB said it had signed a memorandum of agreement with Kok Seng Ping to acquire 100 per cent of KSP Vista.
Since July 2023, AHB has begun venturing into the EV industry after having bought a 51 per cent stake in EV company CAF Motors Sdn Bhd for RM10 million.
It had also carried out major corporate restructuring, including the appointment of Tunku Kamariah Aminah Maimunah Iskandariah Sultan Iskandar of Johor as its chairperson.
"Now, through the merger and acquisition of KSP Vista, AHB would be crossed over into the electric motorcycle industry and would receive 100,000 orders, which is bound to contribute to the group's turnover and profits," it said.
According to KSP Vista, it had received a letter of intent dated Dec 15, 2023 from Pelaburan Mara Bhd to buy a significant number of e-motor.
The letter stated that Pelaburan Mara had received a proposal from KSP Vista to sell 100,000 electric motorcycles to it and that the latter had agreed to buy it after conducting a market research and review.