PETALING JAYA: AHB Holdings Bhd entered into a non-binding term sheet with CAF Global Tech Sdn Bhd for the acquisition of 51% equity interest in CAF Motors Sdn Bhd for RM10mil.

       In a filing with Bursa Malaysia, AHB Holdings said the proposed acquisition marked the company’s initial step towards its venture into the electric vehicle or EV business. This is in line with AHB and its subsidiaries’ direction to provide an alternative source of income for the group over the long term.

       CAF Motors is principally involved in the business of distributing, importing and exporting electrical and non-electrical motor vehicles.