Tan Chong Motor Holdings (TCMH) has introduced that its wholly-owned subsidiary, TC Abroad Belongings Holdings Labuan (TCOAHL), has entered right into a memorandum of understanding (MoU) with GAC Motor Worldwide.
In response to a submitting on Bursa, the deal serves as a research on the potential and feasibility of promoting and assembling GAC fashions in Malaysia and Vietnam. GAC Worldwide is a wholly-owned subsidiary of Guangzhou Car Group Motor, which is flip is a part of Guangzhou Car Group, in any other case often called GAC Group. The MoU stays legitimate till July 1, 2021, except revised by mutual settlement in writing.
GAC Worldwide is a wholly-owned subsidiary of Guangzhou Car Group Motor, which is flip is a part of Guangzhou Car Group, in any other case often called GAC Group. There are a number of manufacturers inside GAC Group, together with Trumpchi, Gonow and Changfeng Motor (Leopaard).
“The proposed venture, if materialised, would supply TCMH Group with the chance to additional broaden its foothold within the automotive trade within the area,” stated TCMH in an official assertion.
“The MoU is not going to have any impact on the earnings per share, internet property per share and gearing of TCMH Group for the monetary 12 months ending December 31, 2020, and has no impact on the share capital of TCMH and shareholdings of its substantial shareholders,” it added.