KUALA LUMPUR: CSH Alliance Bhd has proposed to acquire three adjoining plots of industrial land totalling 55.3186 acres in Tanjung Malim, Perak for RM12mil cash.

       In a filing with Bursa Malaysia, CSH said its wholly owned subsidiary Alliance EV Sdn Bhd had (AEV) entered into a sale and purchase agreement with Medium Visa Sdn Bhd and Harapan Iringan Sdn Bhd for the proposed acquisition.

       AEV intends to acquire the land for its CKD (completely knocked down) assembly plant for its electric vehicles (EV) business.

       It has partnered with BYD Malaysia Sdn Bhd which is part of Shenzhen-based BYD Group for the distribution and marketing of BYD T3 model EV.

       The BYD T3 is a fully electric commercial vehicle ideally suited for use by the logistics and transportation industries.

       “The land acquisition is also part of AEV’s strategic efforts in meeting MITI requirements to have a CBU (completely built-up), CKD and local assembly plant in the car manufacturing sector. We are preparing this requirement in advance,” executive director Peter Yap said in a statement.

       CSH said the land acquisition would enable the commencement and ensure the growth of the EV business and complement the group’s financial services business whereby the group may offer flexible financing schemes to transportation and logistics entrepreneurs/companies to fund the purchases of EV and/or working capital.