Sime Darby buys Chinese auto firm for RM11.83m

PETALING JAYA: Sime Darby is acquiring a 65% stake in Qujing Bow Kai Motors Sales & Services Co Ltd (QJBK) for RMB19.5 million (RM11.83 million).

The group told Bursa Malaysia that its indirect wholly owned subsidiary Chengdu Bow Yue Vehicle Company Ltd had entered into an equity transfer agreement with Yunnan Kai Cheng Economic and Trading Co Ltd and Heshan Shunwei Property Management Co Ltd for the purchase.

The principal activities of QJBK are retailing of motor vehicles and spare parts and provision of after sales services.

Sime Darby said the proposed acquisition is to further strengthen the group’s footprint in the Yunnan province, China.

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