News

The Board of Directors of Tan Chong Motor Holdings Berhad (“TCMH” or “the Company”) informs that TCMSC (Labuan) Pte Ltd, a wholly-owned subsidiary of TCMH Group, has on 8 April 2016 received an Enterprise Registration Certificate dated 7 April 2016 (“Enterprise Registration Certificate”) from Hanoi Authority for Planning and Investment, Business Registration Division, Vietnam confirming the registration of the establishment of its wholly-owned subsidiary named TC Systems (Vietnam) Company Limited (“TC Systems Vietnam”) for the purpose of producing software products, providing IT solutions and services and integrating IT systems (“Project”) in Hanoi City, Vietnam. The Project was approved for implementation by Hanoi City People’s Committee, Authority for Planning and Investment, Vietnam on 5 April 2016 as evidenced by an Investment Registration Certificate dated 5 April 2016. The duration of the Project is for a period of 30 years from the issuance date of the Investment Registration Certificate. 

The total investment capital for the Project is USD5.0 million of which USD0.8 million is capital contribution as charter capital, from TCMSC (Labuan) Pte Ltd. The capital will be utilized for setting up of office and working capital.  The total investment capital including the charter capital will be funded via internally generated funds.

The Project is set to develop IT capabilities and to tap into IT talents in Vietnam. The Project has no material effect on the earnings, net assets and gearing of TCMH Group for the financial year ending 31 December 2016.

This announcement is dated 8 April 2016.