Refex Green Mobility and Gensol Engineering issues clarification on the status of proposed EV asset takeover

Refex Green Mobility Limited (RGML) and Gensol Engineering Limited (Gensol) have issued a joint update to address recent media speculation concerning the proposed sale of 2,997 electric vehicle (EV) assets from Gensol to RGML.

The companies have agreed on the terms of a potential asset takeover, which is currently pending necessary regulatory and financial approvals, as well as the completion of comprehensive due diligence covering financial, legal, and operational factors. Gensol has been fully cooperative in this review process, providing all required documentation and clarifications.

Despite some media reports, the transaction has not yet been finalized, meaning that the EV assets remain under Gensol’s ownership and continue to operate on the BluSmart platform. Both RGML and Gensol emphasize their commitment to full transparency, regulatory compliance, and strategic alignment as the process unfolds.

The companies appreciate the ongoing support and interest from stakeholders and remain dedicated to responsible operations and long-term value creation