Solid Automotive acquires motor vehicles spare parts company for RM6mil
In a filing with Bursa Malaysia, the autoparts company said it had acquired the entire stake in SG (or 500,000 shares) from the latter's shareholders, namely Ng Tian Seow, Leong Foo Weng and Hong Kok Liang.
Solid Automotive said the proposed acquisition represents a new growth and profitability avenue for the group in the general automotive aftermarket parts for passenger cars, which constitute a large segment of the automotive aftermarket parts industry in Malaysia.
It said the general automotive aftermarket parts segment is expected to continue to grow in tandem with the growth in the automotive market.
'SG is well established in the trading of genuine automotive parts, and genuine brands including, but not limited to, Perodua, Proton and Nissan.
'Its customers' base mainly comprises spare parts shops and a network of over 300 customers. Accordingly, Solid will be able to tap into the well-established distribution channels of SG.'
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