The group’s shares reached a peak of 99 sen – the highest since Feb 7 – in the evening trade at 4.06pm before paring 1 sen to close at 98 sen.

The counter was also among the five most-actively traded stocks today with over 762.95 million shares exchanging hands, according to Bursa Malaysia’s website.

EPMB’s share price upsurge came about following yesterday’s announcement that its subsidiary, Peps-JV (Melaka) Sdn Bhd (PJVM), received a conditional approval from the investment, trade and industry ministry (Miti) to manufacture and assemble EEVs, electric passenger vehicles and electric commercial vehicles in Malaysia.

“This expansion will open up new business opportunities for revenue and business growth, while aligning the business with sustainability initiatives,” EPMB said in a filing with Bursa Malaysia today.

However, PJVM is obliged to fulfil the conditions within six months from the letter of approval, the filing stated.

Earlier last year on March 8, the company inked an agreement with CIS Pride Silver Rock Fund and Sharkgulf Technologies Group Ltd to initiate the electric vehicle (EV) business.

Sharkgulf is a Chinese company known for producing the “Blueshark” line of two-wheeled EVs.

Under the agreement, EPMB will establish a manufacturing facility and a sales and distribution centre in Malaysia for the two-wheeled Blueshark EVs.

The company will also set up a research and development (R&D) centre that will provide technical expertise and resources to Sharkgulf.

At market close today, EPMB’s share price was up 27 sen or 38.03% to 98 sen, giving the company a market capitalisation of RM214.38 million.