<div class=newsTextDataWrapInner><p>KUALA LUMPUR (April 23): Office furniture maker AHB Holdings Bhd’s foray into the electric vehicles (EV) business has encountered a setback as its planned acquisition of a 51% stake in automotive distributor CAF Motor Sdn Bhd was mutually terminated.</p></div>

<div class=newsTextDataWrapInner><p>AHB in July 2023 announced that it had entered a non-binding term sheet with CAF Motors’ sole shareholder, CAF Global Tech Sdn Bhd for the acquisition. The 51% stake in CAF Motors was valued at RM10 million, to be satisfied via cash and shares issuance.</p></div>

<div class=newsTextDataWrapInner><p>CAF Motors is principally involved in the business of distributing, importing and exporting electrical and non-electrical motor vehicles.</p></div><div class=inPageAd id=div-gpt-ad-inpage></div>

<div class=newsTextDataWrapInner><p>In a bourse filing on Tuesday, AHB said the termination of the 51% stake acquisition in CAF Motors was due to conditions precedent of the proposed acquisition not being fulfilled.</p></div>

<div class=newsTextDataWrapInner><p>“The termination of the term sheet does not have any financial impact on the company and its subsidiaries,” it added.</p></div>

<div class=newsTextDataWrapInner><p>AHB’s share price closed up 0.5 sen or 3.8% to 13.5 sen, bringing the company a market capitalisation of RM96 million.</p></div>

<div class=newsTextDataWrapInner><p><em>Read also:<br />
<a href="https://theedgemalaysia.com/node/674597" target="_blank">AHB announces third new venture in under six months, this time into EVs</a></em><br />
&nbsp;</p></div>


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