Malaysia’s largest car distributor Edaran Otomobil Nasional Bhd has agreed to set up a joint venture with Mitsubishi Corp. to exclusively distribute Mitsubishi vehicles, Reuters said.
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Under the agreement, the joint venture firm would distribute motor vehicles, vehicle components and spare parts made by Mitsubishi Motors Corp., EON reportedly said in a statement. Mitsubishi Corp. will hold a 52% interest in the joint venture and EON 48%. The exclusive distributorship of the Mitsubishi cars and components will take effect from January 2005.
“The signing of the agreement represents a significant milestone in EON Group’s pursuit for other auto marques to complement its existing Proton marque business which remains the key business of the Group,” EON said, according to Reuters.
The news agency noted that, in March, EON signed a new deal to sell Malaysia’s Proton cars but lost its distributorship rights. The deal allows EON, which had been a Proton distributor since the cars hit the Malaysian roads in the mid-1980s, to sell non-Proton brands.
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