SGX-Catalist listed MeGroup’s SJY Malaysian subsidiary, Menang Nusantara Holdings, has been appointed the MG dealer for the Setia Alam, Selangor area.
The appointment, which has an initial term of 36 months with an option to renew for a further 24 months, marks MeGroup’s first foray into the electric vehicle (EV) space. The target commencement date for trading of services and products and for sales of new vehicles is Feb 28.
The MG sales and service facility will be located on a two-storey semi-detached factory lot at Bandar Bukit Raja, taking over the Hyundai 3S Dealership which concluded service operations on Jan 31.
With the latest award by MG, the number of brands under MeGroup’s dealership business is seven, with 11 dealership outlets in its portfolio under the Proton, Ford, Honda, Mazda, Mitsubishi, Peugeot, and now, MG brands.
Executive chairman and CEO Wong Cheong Chee says: “The appointment of the MG 3S Dealership marks a significant opportunity for the group to expand our dealership business and signifies MG’s confidence in our proven track record. We believe that the appointment will propel the Group’s focus to value-add for our customers.
“Meanwhile, the group’s foray into the EV market presents an excellent opportunity for us to capture growth in this new area of technology in the coming years,” he adds.
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Jeffrey Wong, head of group expansion and strategy and head of dealership notes: “The group continues to grow our offerings and take on more customers in the sale of automobile, parts and accessories. Entering this EV space will allow the group to tap on a specific niche segment of sustainability-minded customers.”
Shares in MeGroup closed unchanged at 10.5 cents on Feb 5.
