KUALA LUMPUR: Ni Hsin Group Bhd
's wholly-owned subsidiary Ni Hsin EV Tech Sdn Bhd has proposed to conduct an inital exchange offering (IEO) exercise to raise funds for its electric vehicle (EV) business.
In a statement, it said it had entered into an IEO agreement with Pitch Platforms Sdn Bhd for the provision of IEO services to the company with the objective of hosting the company on its licensed IEO platform, PitchIN.
It had also inked a service agreement with Masverse Sdn Bhd for in-depth analysis and design of the tokenomics for the company's utility token for its IEO, pitchIN.
According to Ni Hsin EV Tech managing director Khoo Chee Kong, the company's venture into EV two wheelers has gained traction, and it has made good progress in promoting the transition from ICE two-wheelers to EV two-wheelers.
"We have received very encouraging interests and feedback from our engagements with various government departments and agencies as well as corporate entities on the use of EV two-wheelers in security, surveillance, enforcement as well as operational functions," he said.
"“We foresee healthy growth prospects for our EV two-wheeler business, not just in outright sales of the products but the rent-to-own, rent-to-use and ride sharing business models.
"In line with the forecasted growth, we need to expand our manufacturing and operational capacities. To finance this expansion, we are proposing to raise funds via the issue of utility tokens which will be hosted on the IEO platform, pitchIN, which is registered and recognised by the Securities Commission," he added.
