SIME

SIME UNIT ACQUIRES 100% STAKE IN UNIT DISTRIBUTING HYUNDAI VEHICLES

HYUNMAL MOTOR sb - a unit of SIME DARBY has entered into a conditional Share Purchase Agreement with ORIENTAL HOLDINGS and LIM TIONG BOON to acquire the remaining 60% equity in ORIENTAL-HYUNDAI sb comprising six million shares of RM1 each. Upon completion, ORIENTAL HYUNDAI will be a 100%-owned unit of HYUNMAL MOTOR.

" .... The distribution of Hyundai vehicles in Malaysia will be consolidated under HYUNMAL MOTOR, which is the sole and exclusive importer and distributor of completely built-up Hyundai vehicles and related spare parts ...." said SIME DARBY.

EDITOR's NOTES
SIME DARBY is a GLC and the import of fully built up cars is controlled via the issue of import permits. ORIENTAL's profitable HONDA franchise was taken over the same way a few years ago and it is happening again. Wonder how much confidence such moves instill in the business community.