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.
Source from TheEdge