News

The Board of Directors of Tan Chong Motor Holdings Berhad (“TCMH”) wishes to announce that ETCM (V) Pte Ltd (“ETCMV”), a wholly-owned subsidiary of TCMH, had received  from Nissan Motor Co., Ltd. (“NML”) a notice of termination of the Joint Venture Agreement dated 22 September 2010 (“JV Agreement”) between ETCMV and NML pursuant to which ETCMV and NML have respective shareholdings of 74% and 26% in the joint venture company, Nissan Vietnam Co., Ltd (“NVL”). The notice is effective from 9 December 2018. NVL was originally established by Kjaer Group A/S and NML on 10 November 2008 in Vietnam to undertake the importation and distribution of Nissan vehicles and parts in Vietnam. The JV Agreement will terminate on 10 September 2019.

The termination of the JV Agreement has no significant financial and operational impact on the Group for the current financial year. 

Notwithstanding the above, ETCMV remains open to further discussion with NML to explore alternative solutions and business opportunities for mutual benefits in Vietnam.

This announcement is dated 14 December 2018.