SMIS Corp ventures into Indonesian market

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KUALA LUMPUR (April 26): Automotive interior furnishing and components supplier SMIS Corp Bhd has established two subsidiaries in Indonesia to expand its business into that country.
In filings with Bursa Malaysia, the group named the subsidiaries as PT Sanyco Grand Indonesia and PT Grand Ventures Hartamas.
SMIS said Sanyco is meant to expand the group’s braking component segment into the Indonesian market, while Grand Ventures’ establishment enables it to acquire a piece of land there to facilitate the expansion.
Sanyco is 99% owned by SMIS Grand Ventures Sdn Bhd and 1% by Machinery & Industrial Supplies Sdn Bhd, both of which are SMIS’ wholly-owned subsidiaries.
Grand Ventures on the other hand is 99.8% owned by Cendana Eksotik Sdn Bhd, which in turn is wholly-owned by SMIS. The remaining 0.2% stake in Grand Ventures is owned by Machinery & Industrial Supplies.
SMIS said it is positive of the potential and opportunities available in Indonesia, as the automotive industry has shown signs of consistent growth.
The group’s share price rose one sen or 1.59% to 64 sen today, giving it a market capitalisation of RM26.99 million.