News

The Board of Directors of Tan Chong Motor Holdings Berhad (“TCMH" or “the Company”) informs that Tan Chong Motor (Myanmar) Company Limited (“TCM Myanmar”), a wholly-owned subsidiary of TCMH, has entered into a Distribution Agreement dated 18 November 2015 (“Agreement”) with Nissan Motor Co., Ltd. (“NML”) in respect of the sole and exclusive rights granted by NML to TCM Myanmar to sell and distribute NISSAN brand motor vehicles manufactured and/or assembled by TCM Myanmar (“Vehicles”) and to provide after-sales services on the Vehicles in the Republic of the Union of Myanmar including the rights to appoint any person as its dealers to sell the Vehicles and/or perform after-sales service operations on the Vehicles. The distributorship appointment is for a period of five (5) years, subject to renewal. 

TCM Myanmar was incorporated in Myanmar with a Certificate of Incorporation dated 21 June 2013 issued by the Ministry of National Planning and Economic Development, Myanmar. Further details on TCM Myanmar can be found in the announcements made by TCMH to Bursa Malaysia on 20 September 2013 and 11 October 2013. 

Distribution of Vehicles in Myanmar by TCMH Group is expected to commence in the second half of 2016. The distribution of NISSAN vehicles in Myanmar is able to draw upon synergies from TCMH Group’s on-going NISSAN vehicles distribution operations in Vietnam, Cambodia and Laos. The new business venture has no material effect on the earnings, gearing and net assets of TCMH Group for the financial year ending 31 December 2015 but is expected to contribute positively to the revenue of TCMH Group in the future.

This announcement is dated 19 November 2015.