KUALA LUMPUR (Oct 20): Bus Cap Bhd (KL:BUSCAP) has entered into a deal with Starcharge Energy Sdn Bhd to explore electric vehicle (EV) charging infrastructure and related services in Malaysia, as the bus manufacturer seeks to diversify beyond vehicle production.
The collaboration covers charging station infrastructure, technical support, installation and maintenance, as well as potential local assembly of charging equipment, said Bus Cap in a Bursa Malaysia filing on Tuesday.
The proposed venture will target not only electric buses, but also passenger vehicles, commercial fleets, public charging stations, workplace and residential and commercial properties.
Starcharge is a unit of StarCharge Digital Energy Co Ltd, whose group has delivered up to two million EV chargers globally and operates across more than 70 countries and regions.
Bus Cap executive director Bernard Ng Chong Yan said the collaboration would allow the group to expand its involvement in the EV industry beyond manufacturing vehicles.
"For transport operators, an electric bus is only one part of the equation. They also need reliable charging systems, technical maintenance and practical ways to manage power costs across their depots," he said in a statement.
"By combining vehicle manufacturing with charging installation and fleet-support services, we can participate across a much larger share of our customers’ transportation lifecycle and build recurring service income streams."
The agreement follows Bus Cap’s memorandum of understanding with BYD Malaysia Sdn Bhd in August to explore the development of locally assembled new-energy commercial vehicles.
Ng said the latest collaboration could also pave the way for the group to explore solar energy, battery storage and smart energy management solutions.
The agreement is non-binding, except for certain provisions and both parties will continue discussions towards a definitive agreement.
The announcement comes after Bus Cap’s shares experienced a sharp rally earlier this month, prompting an unusual market activity query from Bursa Malaysia on Oct 14.
In its response, Bus Cap said it was unaware of any corporate development or rumour explaining the share price surge, although it acknowledged that certain matters were under discussion or negotiation.
The stock climbed to a record high of RM1.22 on Oct 14, more than doubling from 54 sen at the start of the month and rising more than fivefold from its initial public offering price of 23 sen.
Bus Cap, which made its Bursa Malaysia debut in June, reported a net profit of RM4.6 million on revenue of RM46.23 million for the six months ended June 30, 2026.
On Tuesday, Bus Cap shares closed eight sen or 8.04% lower at 91.5 sen, valuing the group at RM350.8 million.