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Vmoto gains a new substantial shareholder with a 5.43% interest

The company recorded strong international sales growth in the June quarter and has firm orders for more vehicles.

Australian currency
Vmoto makes and distributes ‘green’ electric powered two-wheel vehicles

Vmoto Ltd (ASX:VMT) has gained a new substantial shareholder with a private investor increasing an interest in the ‘green’ electric two-wheel vehicle maker to 5.42% through a series of purchases.

The Munro Family Super Fund has acquired almost 2.8 million shares in recent months with a total value of almost $178,500.

This has taken the total number of shares held by the fund to more than 11.804 million.

READ: Vmoto managing director buys another $43,000 worth of shares

The ‘substantial shareholder’ status was reached on August 3 and follows a successful quarter of results for the company.

International sales of two-wheel vehicles increased 33% to 2,809 units in the June quarter and at June 30, Vmoto had firm orders for another 1,539 units.

These orders were from international companies with deposits received and delivery scheduled in the current quarter.

READ: Vmoto drives to record international sales of electric two-wheel vehicles

The company expects to receive increasing orders for the E-max and Super Soco electric two-wheel vehicle products throughout the remainder of 2018.

Sales in Europe are particularly strong and during the first half of 2018, there were 1,891 units sold, a 296% increase on sales in the corresponding period of 2017.

Three primary brands

Vmoto operates through three primary brands:

• Vmoto - Vmoto’s own brand, aimed at the value market in Asia;

• E-Max - Another Vmoto proprietary brand, targeting international B2B markets with a high-end premium product; and

• Super Soco -  A third party brand Vmoto markets into international B2C markets.

Quick facts: Vmoto Ltd

Price: 0.44 AUD

ASX:VMT
Market: ASX
Market Cap: $122.46 m
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