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Tan Chong Motor Holdings (TCMH) has announced that its wholly owned subsidiary, TC Overseas Assets Holdings Labuan (TCOAHL), has signed a memorandum of understanding (MoU) with GAC Motor International.
According to a presentation in Bursa, the agreement serves as a study on the potential and feasibility of selling and assembling GAC models in Malaysia and Vietnam. GAC International is a wholly owned subsidiary of Guangzhou Automobile Group Motor, which in turn is part of Guangzhou Automobile Group, also known as GAC Group. The MoU remains valid until July 1, 2021, unless reviewed by mutual agreement in writing.
GAC International is a wholly owned subsidiary of Guangzhou Automobile Group Motor, which in turn is part of Guangzhou Automobile Group, also known as GAC Group. There are several brands within the GAC Group, including Trumpchi, Gonow, and Changfeng Motor (Leopaard).
“The proposed project, if materialized, would provide TCMH Group the opportunity to further expand its presence in the automotive industry in the region,” TCMH said in an official statement.
“The MoU will have no effect on TCMH Group’s earnings per share, net assets per share and leverage for the financial year ending December 31, 2020, and will have no effect on TCMH’s share capital and the substantial shareholder stakes, ”he added.
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