THE proposed corporate restructuring of Transwater Corp Bhd would see the injection of a new core business into the Transwater group, which would involve the sales and distribution of Hyundai/ Inokom passenger vehicles and light commercial vehicles in Malaysia.
Its group executive director K. L. Wong said the new core business was expected to contribute 75% to 80% to the group's profit.
He told a media briefing after the company EGM in Petaling Jaya on Wednesday that the new business would not have an impact this financial year.
However, with expected sales of some 13,000 vehicles, some impact would be felt in the next financial year, he added.
Transwater's proposed exercise, which has been approved by the Securities Commission (SC), entails the acquisition of Berjaya Systems Integrators Sdn Bhd as well as making a mandatory offer to acquire the remaining 49% equity interest in Hyundai-Berjaya Sdn Bhd (HBSB).
He said HBSB would be the main revenue contributor with its sales derived mainly from the locally assembled completely-knocked-down (CKD) Inokom ATOS vehicles based on the Hyundai's ATOS platform.
Inokom ATOS is a brand name for CKD vehicles to be assembled locally in Malaysia by Inokom/HBSB. Bernama