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TVS Motor (Singapore) Pte, a subsidiary of two-wheeler maker TVS Motor, said on June 10 that it has agreed to acquire an additional 25 percent stake in Swiss E-Mobility Group (Holding) AG, also known as SEMG, based in Switzerland.
SEMG, which is an e-bike platform covering B2B and B2C businesses involving sale of own branded ebikes, is currently a subsidiary of TVS Motor (Singapore) Pte Ltd. After the acquisition of the 25 percent shares from existing minority shareholders is done, SEMG will become a wholly-owned subsidiary of TVS Motor (Singapore) Pte Ltd, TVS Motor said in the filing.
Previously, TVS Motor had acquired a 75 percent stake in the e-mobility company via its Singapore subsidiary in 2022, to establish its presence in the space.
In April this year, TVS Motor (Singapore) Pte Ltd, had agreed to acquire a 25 percent stake in Killwatt GmbH by way of newly issued shares of the latter, amounting to 8,500 common equity shares.