Berjaya Corp signs MoU with China's SAIC to sell MG cars here

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KUALA LUMPUR (Jan 18): Berjaya Corp Bhd (BCorp) is seeking to collaborate with China's SAIC Motor Passenger Vehicle Co (SMPV) on the manufacture, assembly and sale of British car marque Morris Garages (MG), as well as to provide after sale services in Malaysia.

In a filing with Bursa Malaysia today, BCorp said it has entered into a non-binding memorandum of understanding (MoU) with SMPV for the proposed collaboration.

"A separate announcement will be made once the parties entered into the definitive agreements," it added.

SMPV is the branch company of SAIC Motor Corp Ltd, China's largest carmaker, and is involved in the manufacture and sales of self-owned brands vehicles including ROEWE and MG, as well as in research and development.

BCorp shares closed up 0.5 sen or 1.72% at 29.5 sen today, with 14.24 million shares done, bringing a market capitalisation of RM1.44 billion.