Proposed Acquisition of 74% Charter Capital of Nissan Vietnam Co., Ltd. and Proposed Joint Venture with Nissan Motor Co., Ltd.
BackNov 01, 2010
| Type | Announcement |
| Subject | TAN CHONG MOTOR HOLDINGS BERHAD (“TCMH” or “the Company”) - Proposed Acquisition of 74% Charter Capital of Nissan Vietnam Co., Ltd. and Proposed Joint Venture with Nissan Motor Co., Ltd. |
| Contents | Further to the Company’s announcement made on 22 September 2010 in respect of the subject-matter, we are pleased to inform that the People’s Committee of Hanoi had on 27 October 2010 issued an amended Investment Certificate to Nissan Vietnam Co., Ltd. (“NVL”) approving the assignment of 74% of the charter capital contribution (“Assigned Capital”) from Kjaer Group A/S (“Kjaer”) to ETCM (V) Pte Ltd (“ETCM (V)”) for a cash consideration of USD7,400,000/- (“Capital Assignment”) and ETCM (V) as the new owner of the Assigned Capital (“Amended Investment Certificate”). NVL received the Amended Investment Certificate on 29 October 2010. With the issuance of the Amended Investment Certificate:- (i) the Capital Assignment is now completed; and (ii) the 1st Amendment to the Joint Venture Agreement between Nissan Motor Co., Ltd. (“Nissan”), Kjaer and ETCM (V) as well as the Joint Venture Agreement between Nissan and ETCM (V) both dated 22 September 2010 become effective. Accordingly, NVL now becomes a 74% owned subsidiary of the TCMH Group. |
Announcement Info
| Company Name | TAN CHONG MOTOR HOLDINGS BERHAD |
| Stock Name | TCHONG |
| Date Announced | 1 Nov 2010 |
| Category | General Announcement |
| Reference No | TC-101029-59683 |