KUALA LUMPUR (Jan 9): CSH Alliance Bhd shares rose as much as 33% to close at a five-month high of six sen on Monday (Jan 9), after obtaining a manufacturing licence for commercial electric vans.
At 9am the group opens at five sen before reaching a high of 5.5 sen by 9.24am, a 22% increase from its last closing price of 4.5 sen on Friday.
At market close, its share price was at six sen — the highest since August 2022 — with a market capitalisation of RM82.9 million.
The group also gained a trading volume of 113.70 million shares, making it the second most active company on Bursa.
On Jan 6, its wholly-owned subsidiary Alliance EV Sdn Bhd obtained the manufacturing licence for the assembly of commercial electric vans — namely the BYD T3 compact van — with BYD Malaysia, the Malaysian arm of China’s BYD Company Ltd.
The group is now applying for an approved permit from the Ministry of International Trade and Industry (Miti) and other approvals from relevant authorities to bring in the complete-built-up (CBU) units of BYD T3 into Malaysia for distribution purposes before the set-up of the local assembly plant in Tanjung Malim, Perak.
Earlier in March 2022, the group had announced Alliance EV’s venture into the EV market by signing a memorandum of understanding with BYD Malaysia.
In May, Alliance EV acquired 55 acres of land in Tanjung Malim for the local EV assembly which resides within the Automotive Hi-Tech Valley.