Thursday, October 8, 2009

Warisan TC Holding ... Oct09

It is seeking to venture into the automotive sector via a collaboration with China’s Beiqi Foton Motor Co Ltd (BFM), which manufactures various brands of both light and heavy duty trucks.
The group had entered into two similar memoranda of understanding (MoU) with BFM towards realising prospective cooperation and the signing of definitive agreements between them.

In the MoU between WTC and BFM, WTC is seeking to be appointed the sole and exclusive manufacturer and/or assembler and distributor of the light duty trucks, the sole and exclusive provider of after-sales services and parts and accessories in Malaysia and other countries. The MoU lasts for four months.

In the other MoU with BFM, WTC’s subsidiary Angka-Tan Machinery Sdn Bhd is seeking to be the sole and exclusive assembler and distributor of completely knocked down medium and heavy duty trucks as well as the exclusive provider of services and parts of those vehicles. This MoU lasts for six months.

It entered into a conditional sale and purchase agreement with Tan hong Motorto acquire the company’s 70% stake in Kereta Komersil Seladang (M) Sdn Bhd comprising 10,500 ordinary shares for RM700,000 cash.

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