Its subsidiary Lim Kim Hai Electric has subscribed for 333,333 new ordinary shares of EV Mobility for S$1.5 million
[SINGAPORE] Power distribution solutions provider Tai Sin Electric has entered into a share subscription agreement to acquire a 25 per cent stake in charging station contractor EV Mobility on Friday (Aug 1).
Lim Kim Hai Electric (LKHE) – a Tai Sin subsidiary – has subscribed for 333,333 new ordinary shares of EV Mobility for S$1.5 million. No independent valuation was conducted on EV Mobility for the share subscription, with the consideration determined by both sides based on business prospects and the projected financial performance of EV Mobility, as well as the anticipated growth in demand for charging facilities.
The move is in line with Tai Sin’s strategy to leverage the growth of the electric vehicle (EV) ecosystem in Singapore and expand into sustainable and future-oriented businesses.
EV Mobility provides electrical charging stations for EVs, software to manage EV chargers, and an app for EV drivers to locate and charge their vehicles at the stations. The company’s customers include commercial and residential properties such as Fu Lu Shou Complex, Oxley Bizhub and Gem Residences.
The share subscription will be funded by internal resources of LKHE.
Shares of Tai Sin closed down 0.9 per cent or S$0.005 at S$0.55 on Friday.
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