We refer to our announcements dated 20 August 2019, 20 November 2019 and 3 January 2020 pertaining to the MOU executed by TC Manufacturing (Labuan) Pte Ltd, a wholly-owned subsidiary of Tan Chong Motor Holdings Berhad (“Company”), with SAIC GM Wuling Automobile Co., Ltd (“SGMW”), a three-shareholder joint venture company between SAIC Motor Corporation Limited, Liuzhou Wuling Motors Co. Limited and GM China, to cooperate in the study of the potential and feasibility of the business opportunity in introducing SGMW commercial vehicle products and other products of SGMW to Southeast Asia with initial identified countries namely Vietnam, Myanmar, Cambodia and Lao PDR (“Project”).

The Memorandum of Understanding dated 20 August 2019 which had expired on 31 December 2019, was extended for a further period of six (6) months from 1 January 2020 to 30 June 2020 vide a Supplemental Memorandum of Understanding dated 31 December 2019. In this Supplemental Memorandum of Understanding dated 31 December 2019, the Project definition was extended to cover products of SGMW and not limited to commercial vehicle products.

The Board of Directors of the Company wishes to announce that both parties are currently studying the Project and discussions on the Project are on-going per the MOU. Further announcement(s) on the progress of the Project study will be made accordingly.   

This announcement is dated 3 April 2020.