MeGroup obtains first Hyundai dealership

Malaysia ringgit notesMalaysia ringgit notes

Malaysia-based MeGroup said on Tuesday it obtained rights to operate a Hyundai 3S automobile dealership in Klang, Selangor, from Hyundai-Sime Darby Motors, which is the official distributor of Hyundai automobiles in Malaysia.

The dealership will offer new Hyundai models, such as Elantra, IONIQ, Tucson, Santa Fe and Starex, and is expected to be fully operational by the second half of this year, MeGroup said in a filing to SGX on Tuesday.

“This Hyundai addition to our portfolio of brands further cements our reputation as a reliable and trusted company. 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,” Wong Cheong Chee, executive chairman and CEO of MeGroup, said in the statement.

MeGroup created MN Automart, an incorporated a wholly owned subsidiary for the dealership, and plans to raise MN Automart’s and paid-up capital to 1.0 million Malaysian ringgit (S$300,000) funded by its IPO proceeds.

Wong noted that MeGroup also recently received approval for its third Peugeot dealership and renewed its agreement for its Mazda dealership, and was set to operate a total of seven dealerships, including Hyundai.

A 3S dealership offers the sale of new autos, after-sales services and sells auto parts and accessories.

 

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