Hong Seng Consolidated Berhad entered into a Shares Sale Agreement to acquire Alliance EV Sdn Bhd from CSH Alliance Berhad for MYR 20 million on February 13, 2023. As of December 31, 2022, AEV reported the unaudited net assets of MYR 4.4 million. The Purchase Consideration is expected to be funded via the Group's internally generated funds. The deal is subject to consummation of due diligence. The acquisition is expected to be completed in the 2nd quarter of 2023.

Hong Seng Consolidated Berhad cancelled the acquisition of Alliance EV Sdn Bhd from CSH Alliance Berhad on April 13, 2023.