Coastal Contract forms partnership to develop EV charging system business

KUALA LUMPUR (Feb 16): Coastal Contracts Bhd has teamed up with two companies to develop an electric vehicle charging system business in Singapore, Malaysia and Vietnam.

The marine oil & gas services and energy infrastructure solutions group said it will collaborate with MECOM Power and Construction Ltd and Singapore-based Yong Mui Global Pte Ltd (YMG) in the production, marketing, and operation of the EV charging systems business.

The three entities will form a joint venture company incorporated in Singapore to obtain charger system qualification by government authorities in all three locations, said Coastal in a bourse filing.

“Coastal, Mecom and YMG believe that the market of the EVs in Southeast Asia is on a rising trend, of which the industry knowledge and sales and marketing channel and expertise from the MECOM Group, the Coastal Group and the YMG Group will create synergies between all parties and allow them to capture this growing business segment,” Coastal added.

YMG specializes in providing financing, and engineering, procurement and construction, in green energy and homeland security solutions. MECOM is engaged in the provision of EV charging services, including sale of EV charging systems.

Shares of Coastal closed 0.78% or 2 sen lower at RM2.53, giving the group a market capitalization of RM1.38 billion.