JBM Auto Limited has announced the incorporation of a step-down subsidiary, JBM Electric Vehicles International PTE Ltd, through its subsidiary JBM Electric Vehicles Private Limited. The new entity, registered in Singapore under UEN: 202435727D, aims to expand JBM Auto’s footprint in the international electric vehicle market.
The announcement was made in compliance with Regulation 30 of the SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015, and the SEBI circular dated July 13, 2023. The authorized and issued share capital of JBM Electric Vehicles International PTE Ltd is SGD 20,000.
JBM Electric Vehicles International PTE Ltd will focus on the automotive sector, specifically the international market for electric vehicles. This strategic move is expected to enhance JBM Auto’s presence and operations in the growing global EV industry.
No related party transactions are involved in this acquisition, and it has been confirmed that the promoter group has no interest in the new entity. The incorporation has been completed with a 100% subscription in cash, amounting to 20,000 shares at SGD 1 each.