NI Hsin (KLSE:NIHSIN) is seeking shareholder approval to diversify its operations into an electric vehicle business, according to a Tuesday Bursa Malaysia filing.

The stainless steel cookware manufacturer has assembled and sold electric motorcycles since 2021 through its Ni Hsin EV Tech unit and now expects its EV segment to account for at least 25% of its net profit, thus triggering the Bursa listing ruling which requires a diversification vote.

The company intends to grow the EV business through contract manufacturing and original equipment assembly for third parties.

The company also plans to expand into off-road electric motorcycles and to make a foray into corporate and fleet customers.