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Memorandum Of Understanding

We refer to our announcements dated 19 October 2020, 18 January 2021, 16 April 2021 and 15 July 2021 pertaining to the Memorandum of Understanding (“MOU”) dated 19 October 2020 executed by TC Motor Vietnam Co., Ltd. (“TCMV”), an indirect wholly-owned subsidiary of Tan Chong Motor Holdings Berhad (“Company”), with Xiamen King Long United Automotive Industry Co. Ltd. (“King Long”), a company incorporated in China in accordance with the laws of the People’s Republic of China (“P.R. China”) and having its head office at No. 9, Kinglong Road, Jimei District, Xiamen 361023, Fujian Province, P.R. China, to facilitate the commencement of discussions and negotiations for the appointment of TCMV as the sole and exclusive distributor of King Long KINGO microbus model (“Product”) in Vietnam in both complete-built-up (“CBU”) and complete-knocked-down (“CKD”) forms (“Proposed Collaboration”).

As announced, the MOU will expire on 18 October 2021. 

The Board of Directors of the Company wishes to announce that on ­­­­­­­­­­­­­­­­­­­12 October 2021, TCMV and King Long had vide a termination letter had mutually agreed to terminate the MOU in view that the Proposed Collaboration is not economically viable for TCMV.

Notwithstanding the above, TCMV remains open for future collaborations with King Long should such opportunity arises.

This announcement is dated 12 October 2021.

Announcement Info