Miyoshi says that its EV-making JV in China, which has been put on hold, is in talks with potential partners to reactivate operations.

 

Miyoshi holds a 42% stake in the JV, Core Power (Fujian) New Energy Automobile.

 

Talks are ongoing and there&rsquo s no certainty of any deals. Besides reactivating the operations, talks might result in a sale of equity interests in the JV.

 

&ldquo The discussion is still ongoing and no definitive agreement has been executed in relation to the potential transaction,&rdquo the company says.

 

&ldquo There is no assurance or certainty that any agreement for the potential transaction will be eventually entered into and/or that such agreement, having been entered into, will be completed.

 

As of July 30 2020, Miyoshi has reclassified its investment in Core Power to a financial asset designated at fair value through profit or loss.

 

As of Aug 31 2020, Miyoshi has deemed the fair value of its investment in Core Power to be reduced from $17.7 million to zero.

 

Miyoshi warns that it does not have any board representation in Core Power.

 

As such, it &ldquo does not have any significant influence over Core Power&rdquo and is unable to take part in any decision-making of Core Power.

 

Singapore-listed parts maker Miyoshi has announced that Core Power (Fujian) New Energy Automobile, a China-based entity in which it holds a 42% stake, has received three separate court orders to pay a total sum of RMB60.8 million.

 

Core Power was set up to make electric cars but has become dormant.

 

According to Miyoshi, the first execution notice was issued by the People' s Court of Yong' an City, Fujian Province on June 7 2022 requiring Core Power to pay RMB13.6 million.

 

The second execution notice was issued by Fuzhou Intermediate People' s Court of Fujian Province

requiring Core Power on July 5 to pay RMB27.1 million.

 

On the same day, Core Power was issued a notice by the People' s Court of Yong' an City to pay RMB20 million.

 

There was no mention of which are the parties supposed to receive the money from Core Power.

 

Miyoshi says it is now in discussion with Core Power for more information and on the next course of action in respect of the abovementioned court orders.

 

According to Miyoshi, it has on July 30 2020 reclassified its investment in Core Power to be a financial asset designated at fair value through profit or loss.

 

On Aug 31 the same year, the company had deemed its fair value in Core Power to be zero, with a $17.7 million fair value loss of investment booked.

 

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According to Miyoshi, despite its 42% stake, does not have board representation in Core Power and &ldquo thus does not have any significant influence over Core Power&rdquo and that it is unable to participate in any decision making of Core Power.&rdquo