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News Releases 2008
ITOCHU takes stake in Suzuki Malaysia Automobile
March 27, 2008
ITOCHU Corporation and Suzuki Motor Corporation (hereafter Suzuki) will invest in the national distributor, Suzuki Malaysia Automobile Sdn. Bhd. in a step toward strengthening and expanding sales of Suzuki automobiles.
Suzuki Malaysia Automobile Sdn. Bhd. was established in December 2004 as a completely owned subsidiary of Malaysian conglomerate DRB-HICOM Bhd. with the aim of importing and marketing Suzuki automobiles. It began sales of Suzuki automobiles in May 2005.
With a view to expanding the business of Suzuki Malaysia Automobile, ITOCHU, Suzuki, and DRB-HICOM have entered into a joint-venture agreement whereby ITOCHU and Suzuki have invested in Suzuki Malaysia Automobile by purchasing new ordinary shares. Under this agreement ITOCHU has contributed 7 million ringgit (approx. 224 million yen) for a 20% stake, Suzuki has acquired a 40% stake, and DRB-HICOM has retained a 40% interest.
Currently, Suzuki Malaysia Automobile sources automobiles from Japan. It imports and sells the Swift on a complete-knockdown basis and the Grand Vitara and SX4 as complete built-up vehicles.
Suzuki Malaysia Automobile Sdn.Bhd.overview
Company name |
Suzuki Malaysia Automobile Sdn. Bhd. |
|---|---|
Address |
Selangor, Malaysia |
Capital |
35 million ringgit (approx. 1.12 billion yen) |
Shareholders |
Suzuki Motor Corporation 40%, DRB-HICOM 40%, ITOCHU Corporation 20% |
Date of establishment |
December 27, 2004 |
Types of automobiles |
Suzuki passenger vehicles (Swift, Grand Vitara, SX4) |
No. of sales outlets |
30 locations planned for 2008 |
Sales volume |
approx. 8,000 vehicles in 2008 (target) |
