SINGAPORE – SGX-Catalist listed MeGroup Ltd has secured Malaysia’s first national car, Proton, as a new brand principle to the group’s growing dealership portfolio.
The group’s first Proton dealership outlet will commence its 3S operations by December this year, while the 4S services will be operational by June next year.
It will be located in Telok Panglima Garang, Selangor, Malaysia and will be MeGroup’s biggest automobile facility.
In its filing with Singapore Exchange, Jeffery Wong, head of growth and expansion, and dealerships of MeGroup Ltd, said the appointment by Proton has been in the making for almost a year now.
“We are excited to have finally been able to on board Proton as one of our dealership brands despite the challenges we had to face throughout the Covid-19 pandemic,” he said.
He said the group will continue to face considerable headwinds as the country is now in a total lockdown of the social and economic sectors from June 1 to 14.
“This will be another outbreak hurdle that the group will need to overcome, but we are confident that once the infection rates are under control and social activities can resume, Malaysia’s automotive sector will rebound and continue on its growth path,” he said.
In the filing, the group said the establishment of the Proton dealership will be funded through the use of the balance of initial public offering proceeds and internally generated funds.
The latest award by Proton increases the number of brands under the group’s dealership business to seven.
The group has also increased the number of dealership outlets in its portfolio to 11 under the Proton, Ford, Honda, Hyundai, Mazda, Mitsubishi, and Peugeot brands. – Bernama, June 8, 2021
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