Australia's Vmoto rises on agreement with Indonesian EV company

Vmoto

06/12/2022 01:03

** Shares of electric two-wheeler manufacturer Vmoto Ltd
 VMT.AX  rise as much as 1.3% to A$0.405, their highest since
Nov. 28
    ** Co enters strategic technology and investment agreement
with Indonesian co Charged Asia Pte Ltd  urn:newsml:reuters.com:*:nASX3XTqBf
    ** Under the deal, VMT will act as core technology partner
of Charged Indonesia, a unit of Charged Asia
    ** Co also agrees to invest up to $3 mln by way of credit
offsets on batteries and electric vehicles supplied from VMT to
Charged Asia or its units over a 3-year period 
    ** Adds VMT will receive 8% equity in Charged Asia in return
for investment
    ** As of last close, stock down ~7% this year
 (Reporting by Himanshi Akhand in Bengaluru)
 ((Himanshi.Akhand@thomsonreuters.com;))