Vietnam’s Truong Hai Group (Thaco) signed a cooperative agreement with one of Singapore’s leading motor distributors and dealers, Jardine Cycle & Carriage (JC & C), in Ho Chi Minh City on August 21.
This makes JC & C Thaco’s fifth largest strategic shareholder with a total investment capital of US$77 million, accounting for 20 percent of the group’s total shares.
Under the agreement, the Singapore-based company will help Thaco promote its automobile sales in Vietnam and other markets in the region.
Thaco was established in Bien Hoa II Industrial Zone in southern Dong Nai province in 1997 with an automobile assembly plant producing 5,000 units per year. It has recently put into operation another plant in Chu Lai Economic Zone, central Quang Nam province.
JC&C started up business in Malaysia in 1899, moved its headquarters to Singapore in 1926 and is holding a 50.1 percent stake in Astra International Tbk – one of the leading automobile groups in Indonesia and Southeast Asia.
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