KUALA LUMPUR (Nov 19): Tan Chong Motor Holdings Bhd has secured exclusive rights to sell Nissan cars manufactured and/or assembled by its wholly-owned subsidiary Tan Chong Motor (Myanmar) Co Ltd (TCM Myanmar) in the republic.
Tan Chong will also provide after-sales services on the vehicles.
In a filing with Bursa Malaysia today, Tan Chong said TCM Myanmar has signed a distribution agreement with Japan's Nissan Motor Co Ltd for the purpose. The distributorship appointment is for five years, subject to renewal.
Under the deal, TCM Myanmar is also granted the rights to appoint any person as its dealer to sell and/or provide after-sales service operations on the vehicles.
"Distribution of the vehicles in Myanmar by Tan Chong Group is expected to commence in the second half of 2016," said the group.
"The distribution of Nissan vehicles in Myanmar is able to draw upon synergies from Tan Chong Group's ongoing Nissan vehicles distribution operations in Vietnam, Cambodia and Laos," it added.
Tan Chong said the new business venture is expected to contribute positively to the revenue of the group in the future.
Shares in Tan Chong closed up four sen or 1.39% at RM2.92 today, bringing a market capitalisation of RM1.92 billion.
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