Malton drops proposed electric motorcycle tie-up with BENLG
The property group said its nine-month MOU expired on Oct 25, with insufficient progress by the prospective partner.
Malton Bhd has abandoned a potential collaboration with China-based Dongguan Benling Vehicle Technology Co Ltd (BENLG) to explore the Malaysian electric motorcycle market, saying its prospective partner had made insufficient progress.
In a bourse filing, the property group said its board would not take the proposal further following the expiry of the nine-month memorandum of understanding (MOU) on Oct 25.
Signed on Jan 26, the MOU set out terms for a possible collaboration while BENLG considered entering Malaysia. The electric motorcycle manufacturer operates production facilities in the Chinese cities of Tianjin, Wuxi and Taizhou. Its four overseas branches are in Gurgaon, India; Manila, the Philippines; Bangkok, Thailand; and Jakarta, Indonesia.
Tan Sri Desmond Lim Siew Choon controls Malton through an indirect holding of 33.64% via Malton Corp Sdn Bhd and a direct holding of 3.95%.
Malton shares ended trading at 20 sen, unchanged, giving the group a market value of RM114.7 million. The stock's year-to-date decline exceeded 37%.
