Incorporation of a new subsidiary in Lao PDR
BackJul 21, 2010
| Type | Announcement |
| Subject | Incorporation of a new subsidiary in Lao PDR |
| Contents | The Board of Directors of the Company is pleased to announce that the Group has incorporated a new subsidiary named TAN CHONG MOTOR (LAO) CO., LTD. [“TCM (Lao)”] under the 2005 Enterprise Law of the Lao People’s Democratic Republic to undertake the import and distribution of NISSAN vehicles and spare parts and provision of after-sale services (“Business Activities”) in Lao PDR. The Enterprise Registration Certificate of TCM (Lao) was issued by the Ministry of Industry and Commerce of Lao PDR on 19 July 2010 and received by the Company on 20 July 2010. As a condition to the application for the Enterprise Registration Certificate by TCM (Lao), TCM (Lao) had on 17 May 2010 obtained a Foreign Investment License from the Ministry of Planning and Investment of Lao PDR to undertake the Business Activities. TCM (Lao) has a total capital of USD1,500,000 and a registered capital of USD500,000 comprising 500,000 ordinary shares of USD1 each. It is a wholly-owned subsidiary of ETCM (Labuan) Pty Ltd. ETCM (Labuan) Pty Ltd is a wholly-owned subsidiary of Edaran Tan Chong Motor Sdn Bhd, which in turn is a wholly-owned subsidiary of Tan Chong Motor Holdings Berhad. The formation of TCM (Lao) has no material effect on the earnings, net assets and gearing of the Group for the financial year ending 31 December 2010. None of the directors or major shareholders of the Company or persons connected with them, has an interest, direct or indirect, in the formation of TCM (Lao). This announcement is dated 21 July 2010. |
Announcement Info
| Company Name | TAN CHONG MOTOR HOLDINGS BERHAD |
| Stock Name | TCHONG |
| Date Announced | 21 Jul 2010 |
| Category | General Announcement |
| Reference No | TC-100720-60311 |