MeGroup received a letter of appointment (LOA) from the official distributor of Ford automobiles in Malaysia to operate its first Ford dealership in the country, the Singapore-listed company said Monday.
Under the LOA issued by Sime Darby Auto Connexion, MeGroup was given the right to operate a Ford 3S dealership in Bukit Rimau, Shah Alam and Selangor, Malaysia, the company said in its SGX filing.
A 3S dealership offers the sale of new autos, after-sales services and sells auto parts and accessories.
“We are excited to add Ford to our growing list of dealership brands,” Jeffery Wong, MeGroup’s head of group expansion and strategy and head of dealership, said in the statement. The LOA brings the number of MeGroup’s dealerships to eight, including the Honda, Mazda, Peugeot and Hyundai brands.
The new dealership is expected to begin operations in the fourth quarter, and will offer the Ranger, Raptor and Mustang models for sale, the filing said.
MeGroup incorporated a new wholly owned subsidiary, MN Otomart, for entering the LOA, the filing said. MN Otomart’s issued and paid-up capital is 1.00 ringgit, which will be increased to 1 million ringgit, or around S$300,000, funding by IPO proceeds, the filing said.
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