KUALA LUMPUR (Sept 26): Computer Forms (Malaysia) Bhd has teamed up with Bangkok-listed Energy Absolute PCL to jointly produce and distribute electric vehicles (EVs) such as e-buses, e-cars, e-trains, e-bikes and e-boats as well as EV chargers in Malaysia, as it recognises that new opportunities emerge in the EV industry.

Computer Forms managing director Datuk Wira Justin Lim said the partnership will allow the group to diversify into the EV industry, which is expected to provide a sustainable income stream in addition to its current income stream. The group is currently engaged in printing and distributing computer forms, stock forms and specialised forms.

He added that the joint venture (JV) company will be rolling out plans to produce lithium-ion batteries and investing in energy storage systems and charging stations to support the EV ecosystem.

In a Bursa Malaysia filing on Monday (Sept 26), Computer Forms said it has entered into a heads of agreement (HOA) with Energy Absolute's subsidiary EA Mobility Holding Co Ltd to form a new JV company within three months.

The JV company will invest an estimated RM5 billion in stages in this and other ventures, which include developing energy storage and charging platforms, and producing lithium-ion batteries to support the EV ecosystem on Malaysian shores.

"The HOA is not expected to have a material effect on the group's consolidated earnings and earnings per share (EPS) for the financial year ending March 31, 2023. The board of directors envisages the HOA to contribute positively to the overall earnings as well as the EPS of Computer Forms Group in the future," Computer Forms said.

According to Fortune Business Insights, the global EV market size is expected to have a compound annual growth rate of 24.3% to reach US$1.32 trillion (RM6.08 trillion) by 2028.

Computer Forms' share price closed up six sen or 4.41% at RM1.42 on Monday, bringing it a market capitalisation of RM333.7 million. However, Energy Absolute shares ended the day down one baht (12 sen) or 1.12% at 88.5 baht, valuing the group at 333.84 billion baht.