Nissan terminates JV with Tan Chong in Vietnam


Nissan and DeNA said they would hold public tests over a two-week period in Yokohama in March.

KUALA LUMPUR: Nissan Motor Co Ltd has issued a notice to terminate its joint venture (JV) with Tan Chong Motor Holdings Bhd (TCMH) that imports and distributes Nissan vehicles and spare parts in Vietnam.

In a filing with Bursa Malaysia today, TCMH said the notice was effective from Dec 9, 2018, while the JV agreement dated Sept 22, 2010, would terminate on Sept 10, 2019.

In 2010, TCMH's wholly-owned subsidiary ETCM (V) Pte Ltd acquired a 74% stake in the JV company, Nissan Vietnam Co Ltd, from Kjaer Group A/S. Nissan Motor holds the remaining 26% of the charter capital.

TCMH, which is the exclusive distributor of Nissan vehicles in Malaysia, did not give any reason for the notice of termination.

However, it said the termination had no significant financial and operational impact on the group for the current financial year.  “Notwithstanding the above, ETCM remains open to further discussion with Nissan Motor to explore alternative solutions and business opportunities for mutual benefits in Vietnam,” the company added. - Bernama
Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 46
Cxense type: free
User access status: 3
Join our Telegram channel to get our Evening Alerts and breaking news highlights
   

Next In Business News

CPO futures expected to trend lower on profit-taking next week
Britain looking at temporary measures to alleviate trucker shortage
'Loss and pain': Families testify at Dutch MH17 trial
Oil hits highest in almost 3 years as supply tightens
GLOBAL MARKETS-S&P 500 edges up, European shares slump amid Evergrande fears, US yields rise
Banking on wealth management
Short Position - Opcom, La Nina, Taxing
Going for growth
Sapura Energy in race against time
Ge-Shen hopeful of growth amid challenges

Stories You'll Enjoy


Vouchers