Formation of Company in the Federal Territory of Labuan
| Type | Announcement |
| Subject | Formation of Company in the Federal Territory of Labuan |
Contents :
In order to expand the Group’s business further, the management is looking into the possibility of expanding the Group’s auto business in potential markets in neighboring ASEAN countries, like Vietnam and Cambodia. Toward this end it will be imperative that the Group establishes an operating base in these countries. As an initial step, the Group is planning to set up auto services and spare parts business in Cambodia.
In connection with the above, the Directors wish to inform that the Group has incorporated a company with the name of TC EXPRESS AUTO SERVICES AND SPARE PARTS (LABUAN) PTY LTD [“TCEAS (Labuan)”] under the Offshore Companies Act 1990 in the Federal Territory of Labuan, Malaysia on 12 April 2005 as an investment holding company for the Group’s proposed investments in auto services and spare parts business overseas.
TCEAS (Labuan) has an authorized capital of USD10,000/- made up of 10,000 ordinary shares of USD1/- each and an issued and paid-up capital of USD1/-. It is wholly-owned by Tan Chong Motor Holdings Berhad.
The above formation has no material effect on the earnings and net tangible assets of the Group for the financial year ending 31 December 2005.
None of the directors and substantial shareholders has an interest, direct or indirect, in the formation of the new company.
This announcement is dated 12 April 2005.
Announcement Info
| Company Name | TAN CHONG MOTOR HOLDINGS BERHAD |
| Stock Name | TCHONG |
| Date Announced | 12 Apr 2005 |
| Category | General Announcement |
| Reference No | TC-050412-81DB0 |