Chery Alado Malaysia or Chery Malaysia has sold the 20% share out of 50% to the LTAT Lembaga Tabung Angkatan Tentera Malaysia. This news told by the Senior Executive Of Chery Malaysia at the launching of Chery A520 Sedan. Read further news about it from Btimes below.
CHERY ALADO MALAYSIA LAUNCH CHERY A520 SEDAN & SOLD SHARE TO LTAT
Lembaga Tabung Angkatan Tentera (LTAT) has become a major shareholder of Chery Alado Automobiles Sdn Bhd, the local distributor of China-made Chery vehicles which is referred to as Chery Alado Malaysia.
The armed forces fund bought a 20 per cent stake last month, senior Chery Alado Malaysia executives said at the launch of Chery A520 sedan in Subang Jaya yesterday.
“Both parties are interested in partnering each other,” Chery Alado Malaysia chief executive officer Mengtao said, when asked who made the first move to buy or sell a stake in the company.
The biggest shareholder of Chery Alado is Chery Automobile Co Ltd reportedly with about a 50 per cent stake. Alado Corp Sdn Bhd, which is controlled by Tan Sri Cam Soh, owns the remaining 30 per cent.
Chery is one of the largest carmakers in China, producing some 600,000 cars a year with over 130,000 units being shipped to some 70 countries.
The carmaker plans to hit export volume to 400,000 units by next year.
In Malaysia, company executives claimed that some 2,000 units of Chery cars had been sold since Chery Alado’s Malaysia inception in April last year.
Chery Alado has launched two new models in the last eight months – a multi-purpose vehicle (MPV) called Alado Eastar and Alado Tiggo sports utility vehicle (SUV) in 1.6- and 2.0-litre manual versions.
Yesterday, the A520 became the latest Chery model to debut in the local market. A fully-automatic Tiggo SUV is due to make its appearance soon. The two-litre A520 sells at RM95,888.
Wengtao said the company expects monthly sales of 100 units of A520.
Chery’s top selling model is the Eastar MPV, with monthly sales volume of 200 units, he added.
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