Malaysia-listed coatings business firm Sersol is venturing into selling and producing electric scooters.
Sersol said in a bourse filing on Wednesday that the joint venture companies of Sersol Energy Sdn Bhd, a wholly owned subsidiary of the company, namely Sersol Takuni (M) Sdn. Bhd., Sersol Takuni (Thailand) Co. Ltd., and PT Sersol Takuni (collectively referred as ST) have entered into a Memorandum of Understanding (MOU) with Chongqing Beidou Jiean Neo-Energy Technology Ltd. (Beidou).
Under the MOU, the parties will sell, distribute, assemble and produce electric scooters and related accessories and infrastructures which will include the charging of the electrics scooters throughout Malaysia, Thailand, and Indonesia.
Beidou is a China-based technological company specialized in providing total solution for new energy technology and its application for various industries.
The MOU is to pave way for ST and Beidou to collaborate with each other exclusively in Malaysia, Thailand and Indonesia.
ST will assist and facilitate Beidou in conducting and to accomplish all business activities in Malaysia, Thailand and Indonesia including show rooms, product on-road certification and essential stocks.
Beidou will provide the products of Beidou, including technology transfer and patent licensing when parties want to set up the manufacturing base in either Malaysia or Thailand.
This MOU will be effective from the signing date of the MOU and remain in force for a period of three months.
Sersol Bhd, which was listed on Bursa Malaysia on 2004 is an entity involved in the coating industry.
The company’s main plants are located in Johor, while its business reach stretches from Malaysia all the way to Thailand.