DRB-HICOM And General Motors Sign MoU
KUALA LUMPUR, Sept 18 (Bernama) -- DRB-HICOM Bhd, an integrated automotive company, Monday signed a memorandum of understanding (MoU) with General Motors Corporation (GM) for the proposed collaboration for the participation of GM in the equity of Hicomobil Sdn Bhd.
Hicomobil is a wholly owned subsidiary of DRB-HICOM and the franchised distributor of Chevrolet vehicles in Malaysia.
Through the new strategic partnership, DRB-HICOM will hold 49 percent, while GM will hold 51 percent of equity in Hicomobil.
Hicomobil is expected to commence with the new distribution set up by the fourth quarter of 2006, DRB-HICOM said in a statement, here Monday.
It said the new line up of Chevrolet vehicles to be distributed were Chevrolet Aveo Sedan, Chevrolet Aveo Epica, a semi luxury saloon and Chevrolet Captiva, a sport utility vehicle (SUV) which is a success in Australia and Europe.
Hicomobil was established in 2003 to distribute the Chevrolet vehicles in Malaysia and currently, the company distributes the Chevrolet Aveo, Chevrolet Optra Sedan, Chevrolet Optra-5 and Chevrolet Optra Estate.
"We appreciate DRB-HICOM's persistence and commitment and after a long discussion, we finally sign this MoU today. The strategic collaboration will further foster and fortify our relationship with GM and we believe this partnership will enhance Chevrolet brand image in the domestic market especially with the strong commitment from GM," its group managing director, Datuk Mohd Khamil Jamil said.
"Through the new partnership, we are able to capture the experience and expertise of GM, a proven success in other countries in Asean," he said.
GM, the automotive company, which has been the global industry leader for the past 75 years said the new collaboration with DRB-HICOM in Malaysia would be GM's latest investment in South East Asia after Thailand, Indonesia, the Philippines and Singapore.
"This strategic partnership will give GM the opportunity to tap on Malaysia's tremendous passenger car market and to be more aggressive in marketing Chevrolet products in Malaysia. At the same time, to study the viability of producing the completely-knock-down (CKD) Chevrolet in Malaysia at DRB-HICOM's automotive plant in Pekan, Pahang," the company said.
-- BERNAMA
GM to buy 51% of Hicomobil
General Motors Corporation (GM), the world’s largest automotive company, is acquiring a 51% stake in DRB-Hicom Bhd’s unit, Hicomobil Sdn Bhd (HSB), in a strategic tie-up.
The two companies on Sept 18 signed a memorandum of understanding for the proposed acqusition as part of GM’s latest investment in Southeast Asia after Thailand, Indonesia, the Philippines and Singapore.
“It will give HSB the opportunity to distribute a wide range of Chevrolet vehicles in Malaysia and to increase its market share,” said DRB-Hicom in a statement.
It said the collaboration would leverage on GM’s capabilities to be more competitive in the region. HSB is expected to start with the new distribution of GM vehicles by the fourth quarter.
It said the collaboration was also in line with the National Automotive Policy, to promote Malaysia as an automotive regional hub, focusing on niche areas.
HSB now distributes the Chevrolet Aveo, Chevrolet Optra Sedan, Chevrolet Optra-5 and Chevrolet Optra Estate.
Hicomobil is a wholly owned subsidiary of DRB-HICOM and the franchised distributor of Chevrolet vehicles in Malaysia.
Through the new strategic partnership, DRB-HICOM will hold 49 percent, while GM will hold 51 percent of equity in Hicomobil.
Hicomobil is expected to commence with the new distribution set up by the fourth quarter of 2006, DRB-HICOM said in a statement, here Monday.
It said the new line up of Chevrolet vehicles to be distributed were Chevrolet Aveo Sedan, Chevrolet Aveo Epica, a semi luxury saloon and Chevrolet Captiva, a sport utility vehicle (SUV) which is a success in Australia and Europe.
Hicomobil was established in 2003 to distribute the Chevrolet vehicles in Malaysia and currently, the company distributes the Chevrolet Aveo, Chevrolet Optra Sedan, Chevrolet Optra-5 and Chevrolet Optra Estate.
"We appreciate DRB-HICOM's persistence and commitment and after a long discussion, we finally sign this MoU today. The strategic collaboration will further foster and fortify our relationship with GM and we believe this partnership will enhance Chevrolet brand image in the domestic market especially with the strong commitment from GM," its group managing director, Datuk Mohd Khamil Jamil said.
"Through the new partnership, we are able to capture the experience and expertise of GM, a proven success in other countries in Asean," he said.
GM, the automotive company, which has been the global industry leader for the past 75 years said the new collaboration with DRB-HICOM in Malaysia would be GM's latest investment in South East Asia after Thailand, Indonesia, the Philippines and Singapore.
"This strategic partnership will give GM the opportunity to tap on Malaysia's tremendous passenger car market and to be more aggressive in marketing Chevrolet products in Malaysia. At the same time, to study the viability of producing the completely-knock-down (CKD) Chevrolet in Malaysia at DRB-HICOM's automotive plant in Pekan, Pahang," the company said.
-- BERNAMA
GM to buy 51% of Hicomobil
General Motors Corporation (GM), the world’s largest automotive company, is acquiring a 51% stake in DRB-Hicom Bhd’s unit, Hicomobil Sdn Bhd (HSB), in a strategic tie-up.
The two companies on Sept 18 signed a memorandum of understanding for the proposed acqusition as part of GM’s latest investment in Southeast Asia after Thailand, Indonesia, the Philippines and Singapore.
“It will give HSB the opportunity to distribute a wide range of Chevrolet vehicles in Malaysia and to increase its market share,” said DRB-Hicom in a statement.
It said the collaboration would leverage on GM’s capabilities to be more competitive in the region. HSB is expected to start with the new distribution of GM vehicles by the fourth quarter.
It said the collaboration was also in line with the National Automotive Policy, to promote Malaysia as an automotive regional hub, focusing on niche areas.
HSB now distributes the Chevrolet Aveo, Chevrolet Optra Sedan, Chevrolet Optra-5 and Chevrolet Optra Estate.
posted by SEE FU at 10:42 AM
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