News

1. Introduction

The Board of Directors of Tan Chong Motor Holdings Berhad ("TCMH") is pleased to announce that Tan Chong Motor Assemblies Sdn. Bhd. (“TCMA”), a 70% owned subsidiary of TCMH, APM Shock Absorbers Sdn. Bhd. (a wholly-owned subsidiary of APM Automotive Holdings Berhad (“APM”)) and TCIM Sdn. Bhd. ("TCIM") (a wholly-owned subsidiary of Warisan TC Holdings Berhad (“WTCH”)) had on 12 March 2021 received a Letter of Notification dated 12 March 2021 from the Energy Commission (“EC”) notifying that TCMA, APM Shock Absorbers Sdn. Bhd. and TCIM Sdn. Bhd. (which collaborated as a consortium in the bid for the LSSPV Project) had been selected as a Shortlisted Bidder for the LSSPV Project, subsequent to a competitive bidding exercise conducted by the EC, subject to fulfilment of additional requirements to be issued by EC in due course.

2.  Background of the LSSPV Project

The LSSPV Project involves developing, financing, designing, supplying, installing, operating and maintaining a 20MW large scale solar photovoltaic plant on the water surface in Kawasan Kolam Takungan Air Serendah, Hulu Selangor on a build, own and operate basis with the expected commercial operation date by 31 December 2023 for a term of 21 years under a power purchase agreement to be entered into with Tenaga Nasional Berhad (“TNB”).

The renewable energy generated is expected to reduce carbon footprint along with diversifying the sources of income of TCMH Group.

An announcement relating to the formation of the consortium led by TCMA to undertake the LSSPV Project will be made separately in due course.

3. Financial Effects

The LSSPV Project is not expected to have any material effect on the earnings per share, net assets per share and gearing of TCMH Group for the financial year ending 31 December 2021, and has no effect on the share capital of the TCMH and shareholdings of its substantial shareholders. However, the LSSPV Project is expected to contribute positively to the future earnings of TCMH Group.

4. Interest of Directors, Major Shareholders and/or Persons Connected

Save as disclosed below, none of the Directors or major shareholders of TCMH and/or persons connected to them, has any interest, direct or indirect, in the LSSPV Project:

(i)   Tan Chong Consolidated Sdn. Bhd. (“TCC”), is a major shareholder of TCMH, APM and WTCH.

(ii)  Dato’ Tan Heng Chew, is a Director of TCMH and TCMA and a major shareholder of TCMH by virtue of his direct and indirect interest, through his interests in TCC, and Wealthmark Holdings Sdn. Bhd. and interest of spouse and children. Dato’ Tan Heng Chew is also a Director and major shareholder of APM and WTCH.

(iii) Dato' (Dr.) Khor Swee Wah @ Koh Bee Leng, a Director of TCMH, is a person connected with Dato' Tan Heng Chew.

(iv) Tan Eng Soon is a major shareholder of TCMH by virtue of his interests in TCC. Tan Eng Soon is also a major shareholder of APM and WTCH.

(v) Lee Min On is an Independent Director of TCMH, APM and WTCH.

(vi)  Tan Keng Meng is a Director of TCMA, WTCH and TCIM.

(vii) Datuk Abdullah Bin Abdul Wahab is a shareholder of Tina Motor Sdn. Bhd. which has 30% shareholding in TCMA and is an Independent Director of WTCH.

This announcement is dated 15 March 2021.

Announcement Info