Computer Forms to form electric vehicle JV with Thailand’s Energy Absolute

Computer Forms to form electric vehicle JV with Thailand’s Energy Absolute

05 Jan 2023

Computer Forms (M) Bhd plans to team up with Thailand-based Energy Absolute PCL by the first quarter of 2023 to jointly produce and distribute electric vehicles (EVs) as well as EV chargers in Malaysia.

Computer Forms said it has entered into an agreement with Energy Absolute’s 99%-owned subsidiary EA Mobility Holding Co Ltd to set out further details pertaining to their joint venture (JV) company.

“The JV shall be in the business of selling, distribution, assembling and production of EVs, transport and related accessories and infrastructures which shall include products known as e-bus, e-truck, e-ferry and EV charter, and other businesses as from time to time agreed by parties,” the group added in a filing with Bursa Malaysia.

Computer Forms said in view of the new opportunities emerging in the EV industry, the JV would enable the group to diversify into the industry, which it noted is expected to provide a sustainable income stream.

It said both Computer Forms and EA Mobility would equally own a 50% equity interest in the JV.

According to Computer Forms, Energy Absolute is a leading energy solutions and EV ecosystem public-listed company in Thailand and holds one of the largest market shares in terms of commercial EVs as well as EV charging infrastructure.

Computer Forms is principally engaged in printing and distributing computer forms, stock forms and specialised forms.

Shares in Computer Forms ended 30 sen or 11.54% higher at RM2.90 on Thursday, giving the group a market capitalisation of RM756.9 million.

Source: The Edge Markets