KUALA LUMPUR: Hap Seng Trucks Distribution Sdn Bhd (HSTD) is acquiring the commercial vehicle wholesale distribution business of Mercedes-Benz Malaysia Sdn Bhd (MBM) following the signing of a business transfer agreement (BTA) today.
HSTD said it would acquire MBM’s distribution business comprising the import (completely built up units and completely knocked down components), assembly management, wholesale distribution and the supply of after-sales service for Mercedes-Benz, Fuso and Mitsubishi Fuso branded trucks, vans and related original equipment manufacturer spare parts in Malaysia.
“The proposed acquisition enables the Hap Seng group to participate in the wholesale distribution of the Mercedes-Benz and Fuso commercial vehicles in Malaysia’s growing market, which will further strengthen the group’s presence as a significant Mercedes-Benz automotive player for both passenger cars and commercial vehicles in Malaysia,” it said in a filing to Bursa Malaysia today.
HSTD said the proposed acquisition would be funded through internal generated funds and/or external borrowings.
“Barring any unforeseen circumstances, and subject to the fulfilment of the conditions, the proposed acquisition is expected to be completed within nine months from the date of the BTA,” it added.
– BERNAMA