Truong Hai Auto Sells 20 per cent Stake to Jardine Cycle & Carriage
Truong Hai Auto JS Corporation (Thaco Group) has sold 20 per cent of its stake to the Singapore-listed Jardine Cycle & Carriage Ltd. (JC & C Singapore) for US$77 million.
In mid-July this year, the JC & C Singapore invested an initial US$41 million, or 12 per cent in Thaco Group, the paper said, citing the group chairman Tran Ba Duong.
Thaco Group, the third biggest manufacturer by sales in Vietnam, earlier targeted to earn VND7 trillion revenues and VND519 billion in net profits this year.
To this end, the group will expand an automobile manufacturing and assembling line in Chu Lai-Truong Hai into an automobile industrial park, the first of its kind in Vietnam, Duong noted.
Thaco's principal activities include the manufacture, assembly, distribution, retail, repair, and maintenance of commercial and passenger vehicles in Vietnam.
With nationwide network of showrooms and dealers, it carries full range of KIA commercial and passenger vehicles, as well as certain light and heavy commercial vehicles under Foton, King Long, Hyundai, and its own THACO brands.
The JC & C Singapore, meanwhile, is a member of the Jardine Matheson group, a diversified business group focused principally in Asia. (Investment)
Vietnamese
