Sime Darby incorporates 65 pct-owned subsidiary in China

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KUALA LUMPUR: Sime Darby Bhd yesterday announced the incorporation of Kunming Bow Chuang Motor Sales and Services Co Ltd (KMBC), an indirect 65 per cent-owned subsidiary in China.

In a filing to Bursa Malaysia, the company said KMBC’s business licence, dated July 4, 2017, was issued by the Market Supervision Administration of Kunming Panlong District and was received by Yunnan Bow Yue Vehicle Trading Co Ltd. (YNBY), an indirect 65 per cent-owned subsidiary of Sime Darby on July 5,2017.

Sime Darby said KMBC was incorporated as a limited company under China ‘s company law with a registered capital of Renminbi 20 million held by YNBY.

It said the principal activities of KMBC was the retail sale of motor vehicles and spare parts and provision of after-sales service.

The incorporation of KMBC was not expected to have any material effect on the earnings or net assets of the Sime Darby group for the financial year ending June 30, 2018 and none of the directors or major shareholders of Sime Darby or persons connected with them have any interest, direct or indirect, in the incorporation. — Bernama