<div class=newsTextDataWrapInner><p>KUALA LUMPUR (Sept 25): Tan Chong Motor Holdings Bhd (TCMH) is taking up a 24.5% stake in Comit Communication Technologies (M) Sdn Bhd (CCT), which owns a piece of leasehold industrial land in Seksyen 13, Petaling Jaya, Selangor from Warisan TC Holdings Bhd for RM13.24 million cash.</p></div>

<div class=newsTextDataWrapInner><p>The remaining 75.5% is still held by Warisan TC.</p></div>

<div class=newsTextDataWrapInner><p>Warisan TC said the joint venture (JV) provides an opportunity for CCT to explore and expand its property investments portfolio.</p></div><div class=inPageAd id=div-gpt-ad-inpage></div>

<div class=newsTextDataWrapInner><p>It will also enable CCT to access and tap into TCMH's existing knowledge and technical expertise in managing its huge property investment portoflio, it added.</p></div>

<div class=newsTextDataWrapInner><p>In a filing with Bursa Malaysia today, Warisan TC said it has entered into a subscription and shareholders’ agreement TCMH and CCT to regulate the relationship of the parties as shareholders through equity participation by TCMH in CCT.</p></div>

<div class=newsTextDataWrapInner><p>The JV is regarded as a related party transaction as both Warisan TC and TCMH are sister companies by virtue of the common major shareholder in Tan Chong Consolidated Sdn Bhd.</p></div>

<div class=newsTextDataWrapInner><p>Barring unforeseen circumstances, the JV is expected to be completed within 30 days.</p></div>

<div class=newsTextDataWrapInner><p>Warisan TC shares were untraded today but it last closed at RM2.08, valuing it at RM135.41 million. TCMH's stock closed down 4 sen or 2.5% at RM1.56, for a market capitalisation of RM1.02 billion.</p></div>


KUALA LUMPUR (Sept 25): Tan Chong Motor Holdings Bhd (TCMH) is taking up a 24.5% stake in Comit Communication Technologies (M) Sdn Bhd (CCT), which owns a piece of leasehold industrial land in Seksyen 13, Petaling Jaya, Selangor from Warisan TC Holdings Bhd for RM13.24 million cash.

The...

Tan Chong Motor ventures into property investments via stake buy in Warisan TC unit

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