Tan Chong unit appointed exclusive distributor of MG vehicles in Vietnam

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KUALA LUMPUR (May 18): Tan Chong Motor Holdings Bhd said its subsidiary in Vietnam has been appointed as the exclusive importer and distributor of completely-built-up (CBU) MG brand vehicles in that country. 

The appointment of TC Services Vietnam Co Ltd was made by SAIC Motor Corp Ltd, the largest automobile group in China.  

In a filing with Bursa Malaysia, Tan Chong said the five-year appointment will provide the group with an opportunity to expand its foothold in the automotive industry in Vietnam.  

It added that TC Services Vietnam will also provide after-sales spare parts and after-sales services for MG CBU vehicles. 

Tan Chong’s share price rose three sen or 2.86% to RM1.08, bringing a market capitalisation of RM704.65 million. The counter saw 53,000 shares traded today.

Year-to-date, the counter has fallen by 19% from RM1.33 on Dec 31, 2019.