Nexgram to venture into electronic vehicle charging industry

PETALING JAYA: Nexgram Holdings Bhd is partnering with China's Shanghai Zhida New Energy Automobile Public Support Development Co Ltd for distributorship and joint venture in electronic vehicle (EV) charging products and services in Southeast Asia.
Nexgram, which is involved in telecommunication, software, surveillance, real estate, and infrastructure business investment, told Bursa Malaysia that its wholly owned subsidiary Nexgram Industries Sdn Bhd had on April 12 entered into a strategic cooperation framework agreement with the Zhida Group for the collaboration.
As this is a new technology in the Southeast Asia region, the group said both parties agreed that no expiry date will be set for the agreement and Malaysia will be the sole distribution hub.
"Nevertheless, should both parties have derived the agreeable terms and conditions in the signing of the distributorship and joint venture agreement, Nexgram will make the immediate announcement upon execution of the said agreement."
Nexgram and Zhida Group hold 85% and 15% equity interest in the joint venture company.
The agreement covers the cooperation in localised implementation of technology and resources in new energy automotive industry, such as smart travel hardware and national internet high-tech products, urban EV charging platform, EV master planning and operation.
Zhida Group is the leading EV home charging service provider in China. Its services include EV charger installation, EV charger maintenance and charger development with clients such as Volvo, Nissan and Porsche.
Nexgram's share price closed half a sen or 9.1% higher at 6 sen today, with some 8.5 million shares changing hands.