Maxland Berhad (formerly known as Priceworth International) announced that it has entered into a head of agreement through its wholly-owned subsidiary with WRSB, to explore the opportunity in expanding the business opportunities and operations on a potential acquisition of the ordinary shares in GO Automobile Manufacruting Sdn Bhd.
The group aims to acquire up to 80% of the total issued share capital but has not reveal the purchase details as it is to be considered at a later stage. Both parties have agreed to negotiate on the proposed acquisition agreement within this 3 months from the date of the HOA.
Maxland believes the deal will provide the group immediate ability into the Commercial Energy Efficient Vehicle (EEV) and Electric Vehicle (EV) manufacturing, assembly and distribution businesses with the existing suppliers and customer network of the target company.