TCHONG

0.860

+0.01 (+1.2%)

MEMORANDUM OF UNDERSTANDING UPDATES ON MEMORANDUM OF UNDERSTANDING BETWEEN TC OVERSEAS ASSETS HOLDINGS LABUAN PTE LTD, A WHOLLY-OWNED SUBSIDIARY OF TAN CHONG MOTOR HOLDINGS BERHAD, AND GAC MOTOR INTERNATIONAL LIMITED

TAN CHONG MOTOR HOLDINGS BERHAD

Type Announcement
Subject MEMORANDUM OF UNDERSTANDING
Description
UPDATES ON MEMORANDUM OF UNDERSTANDING BETWEEN TC OVERSEAS ASSETS HOLDINGS LABUAN PTE LTD, A WHOLLY-OWNED SUBSIDIARY OF TAN CHONG MOTOR HOLDINGS BERHAD, AND GAC MOTOR INTERNATIONAL LIMITED

We refer to our announcements dated 22 December 2020 and 19 March 2021 pertaining to the Memorandum of Understanding (“MOU”) dated 22 December 2020 executed by TC Overseas Assets Holdings Labuan Pte Ltd (“TCOAHL”), a wholly-owned subsidiary of Tan Chong Motor Holdings Berhad (“TCMH”), with GAC Motor International Limited (“GAC International”), a company established under the laws of Hong Kong with its registered address at Room 801, Citicorp Centre, 18 Whitfield Rd., Causeway Bay, Hong Kong, to cooperate to study the potential and feasibility of the business opportunity in introducing GAC International’s vehicle products (“Products”) to Malaysia and Vietnam (“Proposed Project”), with the intention to appoint TCOAHL or any other company under TCMH Group on an exclusive basis for the sales, distribution, assembly and provision of after-sales services for the Products in the said countries.

 

As announced, the MOU will expire on 1 July 2021 unless revised by mutual agreement in writing.

 

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

 

This announcement is dated 18 June 2021.






Announcement Info

Company Name TAN CHONG MOTOR HOLDINGS BERHAD
Stock Name TCHONG
Date Announced 18 Jun 2021
Category General Announcement for PLC
Reference Number GA1-15062021-00012