SINGAPORE (Apr 16): Catalist-listed MeGroup has been appointed official distributor of Hyundai automobiles in Malaysia by Hyundai-Sime Darby Motors Sdn Bhd.

In its Tuesday filing, MeGroup will be able to operate a Hyundai 3S automobile dealership Bandar Bukit Raja in Klang, Selangor, with the award.

Slated to be fully operational in the second half of the calendar year, the dealership will offer new Hyundai models such as Elantra, Ioniq, Tucson, SantaFe and Starex.

For the purpose, MeGroup has incorporated a new wholly-owned subsidiary, MN Automart  under subsidiary Menang Nusantara Holdings.

MeGroup will also raise the issued and paid-up capital of MN Automart to RM1.0 million ($0.3 million) which will be funded by proceeds from the group’s IPO.

Wong Cheong Chee, CEO of MeGroup, says: “Hyundai, the No 1 carmaker in South Korea, is slowly gaining popularity here in Malaysia. Our first Hyundai dealership will be covering the areas surrounding Klang, Kapar, Setia Alam and Shah Alam, which have a very high potential for growth.”

Recently, MeGroup received approval to operate a third Peugeot dealership as well as renewed its agreement to continue the Mazda dealership.

Together with the Hyundai win, the group will now operate seven dealerships under its wings.

At 2.36pm, shares in MeGroup are trading at 20 cents.

MeGroup awarded Hyundai dealership in Malaysia

Data is the new oil but is it as dirty?

'Transition credits' could sweeten deal for early retirement of coal-fired power plants: MAS, McKinsey paper

DPM Lawrence Wong appointed as GIC’s deputy chairman

Will the Rising Sun keep rising?

Fed signals higher-for-longer rates with hikes almost finished

Jamie Dimon’s 7% rates may come even without the Fed's help

A mild retreat by risk-free rates won’t help equities to rally 

MeGroup awarded Hyundai dealership in Malaysia

Related News

Highlights

Data is the new oil but is it as dirty?

Related News

MeGroup’s subsidiary acquires Malaysian property for $4.7 mil

MeGroup back profitable for FY2023 with easing of pandemic curbs

MeGroup turns around for 1HFY2023 with earnings of RM2.5 million, revenue hits record