Malaysia’s Tan Chong Motor Holdings is expanding into Vietnam with the proposed acquisition of a controlling interest in Nissan Vietnam Company.
In its filing to the Malaysia stock exchange, the Malaysian group said its ETCM subsidiary has agreed to acquire a 74% stake in the Nissan distributor from Kjaer group for US$7.4m
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ETCM has submitted an application with the Vietnamese government to also change the company’s charter by bringing in Nissan Motor as its joint venture partner.
This latest acquisition will strengthen Tan Chong’s presence in the IndoChina region, following its recent appointment as exclusive distributor of Nissan vehicles in Cambodia and Laos.
Nissan Vietnam was established at the end of 2008 as the importer and distributor of Nissan vehicles. It began selling the locally-assembled Grand Livina compact car in April 2010 and sold 250 vehicles in the first seven months of 2010.
