KUALA LUMPUR (July 11): The share price of EP Manufacturing Bhd shot up as much as 40.14% or 28.5 sen to 99.5 sen on Tuesday (July 11), from its closing price of 71 sen on Monday, after the company received the government's conditional approval to manufacture and assemble energy efficient vehicles, electric passenger vehicles, and electric commercial vehicles in Malaysia.
Its intraday peak of 99.5 sen is the highest since Feb 7. It opened at 78.5 sen on Tuesday and did not trade below 77 sen.
The stock closed up 38.03% or 27 sen at 98 sen on Tuesday as the sixth top gainer and fifth most active stock with 76.30 million shares traded. Its market capitalisation stood at RM214.38 million.
On Monday, the automotive group said it had received conditional approval from the Ministry of Investment, Trade and Industry for its wholly owned subsidiary Peps-JV (Melaka) Sdn Bhd (PJVM) to establish a manufacturing plant to produce these vehicles and other related products.
“This expansion will open up new business opportunities for revenue and business growth, while aligning the business with sustainability initiatives,” EP Manufacturing said in a local bourse filing.
The approval conditions are subject to be fulfilled by PJVM within six months.
According to Bloomberg, EP Manufacturing’s two major shareholders are Mutual Concept Sdn Bhd holding a 9.69% stake, and Hong Kong Financial Assets Group called HKFAEx Group Ltd with a 6.61% stake.