KUALA LUMPUR (Oct 23): In a turn of events, Cape EMS Bhd (KL:CEB) on Thursday issued a statement to distance itself from Perak Transit Bhd (KL:PTRANS), whose market value almost halved following a sharp sell-off in its stock since Wednesday.
The electronics manufacturer reaffirmed its commitment to the Perak Smart Infrastructure and Renewable Energy Project announced earlier this month but clarified that it has no direct or indirect shareholding in Perak Transit, nor has it undertaken any share dealings with the company.
The collaboration between the two groups is limited to the development of smart bus stops and an electric vehicle hub in Ipoh, according to Cape EMS.
The group highlighted that its role in the project is the engineering, design, assembly, installation, testing and commissioning of systems.
“Our collaboration with Perak Transit is a project-based partnership centred on smart infrastructure and renewable energy integration in Perak. It is not an investment or equity arrangement,” said Cape EMS group chief executive officer Christina Tee Kim Chin.
She added, “The recent share price volatility in Perak Transit does not influence Cape EMS’ operations, finances, or obligations.”
The group said the project supports Cape EMS’ plan to expand its renewable energy portfolio under its diversification strategy. It is backed by incentives from Budget 2026 and the National Energy Transition Roadmap, which aim to boost investments in green tech, large-scale solar, and energy storage.
Cape EMS’ share price has remained unmoved since Wednesday, at 29 sen, valuing the company at RM287.7 million. Year to date, the stock is down 22.67%.