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Malton says MoU with Ho Wah Genting to venture into EV sales has expired

KUALA LUMPUR (March 29): Property developer Malton Bhd said its memorandum of understanding (MoU) with Ho Wah Genting Bhd to collaborate in the electrical vehicle (EV) business has expired.

“The Board of Directors of Malton wishes to announce that the validity period of the MoU, which was in force for a period of 12 months, has expired on March 25, 2022,” said Malton in a bourse filing.

Malton had proposed to invest in Ho Wah’s subsidiary HWGB EV Sdn Bhd, which had intended to introduce EVs in Malaysia. 

The group, in its filing, did not say as to why there was no development with regards to the EV plan.

Malton’s shares price closed up 0.5 sen or 1.16% at 43.5 sen on Monday (March 28), for a market capitalisation of RM230 million.

Ho Wah Genting rose 0.5 sen or 3.57% to 14.5 sen, valuing the company at RM93 million.

Edited by S Kanagaraju.

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