Jakarta, Sept 12: Artroniq Berhad (“Artroniq”), a prominent player in the ACE Market, has announced a groundbreaking Distribution Agreement through its wholly-owned subsidiary, Artronic Itech Sdn. Bhd. (“AiTech” or “Distributor”), with PT. Terang Dunia Internusa, the parent company of Indonesia’s renowned United Motors.
This significant deal is poised to propel Artroniq and PT. Terang to the forefront of the rapidly growing electric vehicle (EV) market while expanding their presence within the ASEAN economic community.
United Motors, a subsidiary of PT. Terang Dunia Internusa, has been a respected industrial entity in Indonesia since its establishment in 1971.
Transforming from a spare parts importer to a pioneer in electric mobility, the company has introduced a diverse range of electric motor products under the United E-Motor brand.
Their commitment to electric mobility was further solidified with the inauguration of a dedicated electric vehicle and bike factory in Curug, Tangerang.
Under this Distribution Agreement, Artronic Itech Sdn Bhd, a wholly-owned subsidiary of Artroniq, has been appointed as the exclusive distributor for electric motor products in Malaysia.
These products will be procured in a Completely Knocked Down (CKD) state and assembled at Artronic Itech’s manufacturing facility in Malaysia.
The signing of this Distribution Agreement was attended by prominent figures including Dr. Ir. Budi Karya Sumadi, the Indonesian Minister of Transportation; Dr. Jerry Sambuaga, the Deputy Minister of Trade of Indonesia; Drs. Hendro Sugiatno, Director General of Land Transportation of Indonesia; and Mr. Budiharjo Iduansjah, General Chairman of HIPPINDO (Association of Indonesian Shopping Centres, Retailers, and Tenants).
Marcus Chin Choon Wei, Chief Financial Officer of Artroniq, expressed his views on the agreement, stating, “This Distribution Agreement marks a significant leap forward for Artroniq, representing a pivotal step in our unceasing pursuit of excellence in sustainable transportation and technological innovation. We remain committed to not only meeting but surpassing the evolving needs of our customers and partners. This agreement perfectly aligns with our core values of sustainability, quality, and progress. It strengthens our position as a key player in the ASEAN region’s electric mobility sector and underscores our unwavering dedication to reducing environmental impact while driving progress.”
Hendry Mulyadi, Director of PT. Terang Dunia Internusa (United Motors), added, “Artroniq’s steadfast commitment to innovation and sustainability harmonizes seamlessly with our strategic vision at PT. Terang Dunia Internusa. We are embarking on a journey that transcends mere collaboration; it is a synergistic partnership aimed at shaping the future of sustainable transportation across ASEAN. Together, we will harness the power of technology, innovation, and shared values to drive positive change. This agreement is not just a milestone; it is a testament to our collective commitment to creating a greener, more connected, and sustainable future for the ASEAN region and beyond.”
As of yesterday, the share price of Artroniq stands at RM0.82, representing a market capitalization of RM323 million.
Welcome to dailystraits.com. Please send all interview requests and press releases to editor@dailystraits.com.