Vmoto Ltd (ASX:VMT) managing director Charles Chen continues to increase his holding in the ‘green’ electric powered two-wheel vehicle manufacturer and seller through on-market trades.
Chen acquired almost 643,700 shares from September 5 to September 11 with a total value of more than $35,400.
His total holding has increased to more than 14.79 million shares.
READ: Vmoto managing director buys another $43,000 worth of shares
The latest purchase disclosure is Chen’s sixth since May 2018.
Vmoto manufactures and sells electric scooters and has a focus on high margin international markets.
The company sells these products to consumers (B2C) and businesses (B2B).
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 the international B2B markets with a high-end premium product; and
• Super Soco - A third party brand Vmoto markets into international B2C markets.
As well as operating under these brands, the company also manufactures for a number of customers on an original equipment manufacturer basis.
READ: Vmoto drives to record international sales of electric two-wheel vehicles
Vmoto powered its way to a strong quarter of results during the three months ended June 30, 2018, with international sales of its electric two-wheel vehicles increasing 33% to 2,809 units.
At the end of the June quarter, Vmoto had firm orders for another 1,539 units from international companies with deposits received and delivery scheduled in the current quarter.
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.
READ: Vmoto gains a new substantial shareholder with a 5.43% interest
The company also recently gained a new substantial shareholder with a private investor, the Munro Family Super Fund, holding a 5.43% stake.
The fund has acquired 2.8 million shares in recent months with a total value of almost $178,500,
taking the total number of shares held to more than 11.804 million.