News

The Board of Directors of Tan Chong Motor Holdings Berhad ("TCMH" or “the Company”) informs that Tan Chong Motorcycles (Labuan) Pte Ltd, a wholly-owned subsidiary of TCMH, has on 3 November 2014 received a Certificate of Investment dated 31 October 2014 (“Investment Certificate”) from Ho Chi Minh City People’s Committee confirming the registration of the establishment of its wholly-owned subsidiary named TC Motorcycles (Vietnam) Company Limited (“TC Motorcycles Vietnam”) for the purpose of importing motorcycles and motorcycles components for sale to registered dealers in Vietnam  and/or the right to export and/or distribute such motorcycles and motorcycles components in accordance with the provisions of the Laws of Vietnam (“Project”). The duration of the Project is for a period of 20 years from the issuance date of the Investment Certificate.

The total investment capital for the Project is USD1.0 million of which USD500,000/- is capital contribution as charter capital from Tan Chong Motorcycles (Labuan) Pte Ltd. The capital will be utilized for setting up showrooms and working capital. The total investment capital including the charter capital will be funded via internally generated funds. 

The Project is set to further establish the Group’s foothold in the IndoChina markets and has no material effect on the earnings, net assets and gearing of TCMH Group for the financial year ending 31 December 2014.

This announcement is dated 10 November 2014.