DRB-HICOM and General Motors have decided to end their joint-venture operations.Read the full news from the press release below.
DRB-HICOM BERHAD AND GENERAL MOTORS MUTUALLY AGREE TO DISCONTINUE EXISTING JOINT VENTURE.
Shah Alam, Tuesday, 29 December 2009 – DRB-HICOM Berhad (“DRBH”) and General Motors Asia Pacific Holdings Co. LLC / General Motors South East Operations (“GM”) wish to announce that both parties have mutually agreed to discontinue their existing joint venture arrangement pertaining to the importation and distribution of Chevrolet vehicles in Malaysia effective 1 January 2010.
In August 2007, GM and DRBH had entered into a joint venture agreement, which resulted in the setting up of HICOM Chevrolet Sdn Bhd, a 51%:49% venture respectively, to distribute Chevrolet vehicles in the Malaysian market. Pursuant to the joint venture, DRBH (through its subsidiary DRB-HICOM Auto Solutions Sdn Bhd) was responsible for the importation of the vehicles into Malaysia and GM was largely responsible for the management and operations of the joint venture company.
After more than two years, the parties have now agreed to amicably part ways and to wind down the operations of the joint venture company.