KUALA LUMPUR: Singapore listed BM Mobility Ltd is buying an electric bike dealer in Malaysia that has a majority stake in car sharing programme targeting local universities.
“The proposed acquisition further serves as a strategic platform for the group to scale up vehicle rental business by introducing electric scooters and reaching out to more universities in Malaysia,” the company said in a filing with the exchange today.
Under the deal, BM Mobility said its 65% unit Estar Investments Pte Ltd will pay RM850,000 for a 99.55% stake in Wanted Marketing Communications Sdn Bhd (WMS).
WMS is the authorised sales agent for electric bike manufacturer, Treelektrik Sdn Bhd and a 75% stake in UniRide Ecotour Sdn Bhd.
The remaining stake in UniRide is held by CMS Consortium Ecotour Sdn Bhd.
UniRide provides hassle-free transportation to students and staff in Malaysia’s public universities.
It runs a fleet of Perodua Axia in Universiti Teknologi Mara and Universiti Utara Malaysia.
UniRide has also secured rights to roll out similar cars in two other universities, University of Malaya and Universiti Teknologi Malaysia.
The four public universities have more than a quarter of a million students in total.
Malaysia has 20 public universities.
According to a statement by BM Mobility, UniRide is endorsed by the Ministry of Higher Education and the Malaysia Automotive Institute.It also counts Petroliam Nasional Bhd, Celcom Axiata Bhd, insurer Allianz, Perodua and software developer HeiTech Padu as its strategic partners.