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KUALA LUMPUR: Bermaz Auto Bhd (BAuto) has entered in a joint venture agreement with Kia Motors Corporation, Korea (Kia Corp) to undertake the production and/or assembly of vehicles under the Kia marque in Malaysia via a newly incorporated company to be known as Kia Malaysia Sdn Bhd (KMSB).
BAuto, in a filing with Bursa Malaysia said KMSB would have an initial share capital of RM3,000 comprising 3,000 ordinary shares issued at RM1 each, with BAuto and Kia Corp holding 33.33% and 66.67% KMSB shares respectively.
“Depending on the funding requirements of KMSB, the issued share capital of KMSB will be increased to RM60mil comprising 60 million ordinary shares at a later stage,” it said.
BAuto will fund its portion of 33.33% of the share capital of KMSB of RM20mil from internal generated funds.
“The Kia JV represents an opportunity for BAuto to broaden its group earnings base and to participate in the production and/or assembly (via KMSB) of a renown Korean marque vehicle (Kia) in Malaysia which is targeted for local as well as export market.
“Kia Corp intends to make KMSB the regional manufacturing hub for its Kia brand of vehicles in Asean countries and other potential markets,” it said.