The Board of Directors of Tamadam wish to announce that Tamadam has on 10th June 2009 signed an MOU with Netz TOYOTA to establish a joint-venture company in Malaysia.
Netz TOYOTA is a market leader in Japan in the sale and distribution of automobiles. Netz TOYOTA is very experienced in the establishment, operation and management of automobile dealerships and service centers. These service centers are of an advanced standard and are able to service and repair all types of Toyota vehicles including hybrid vehicles including both “Hybrid Synergy Drive” and “Lexus Hybrid Drive” vehicles.
Tamadam is a fully integrated logistics services provider which owns and operates storage facilities. It also provides trucking, distribution, delivery, freight forwarding and insurance services. Tamadam is experienced in automobile logistics, vehicle storage, spare parts logistics, car clearance, car shipment and servicing. Tamadam’s associated company provides in-flight catering services.
The purpose of the MOU is to establish a joint-venture company to enable the parties to cooperate and synergise the capabilities, knowledge, expertise, resources, facilities and the networks of both organisations and to develop service centers for automobiles in Malaysia.
The MOU shall be valid for one (1) year from the date of signing, or such time that a formal agreement or joint venture is concluded between Netz TOYOTA and Tamadam.
The MOU is non-binding subject to the terms and conditions stipulated in the MOU and is intended as an outline of the present understanding and commitments between the parties and may be subject to change in the course of implementation hereto.
The MOU is currently not anticipated to have any financial impact on the Company in the current financial year. The joint-venture company is expected to contribute positively to the Company in future financial years.
None of the Directors and/or major shareholders of the Company and/or persons connected with them, has any interest, direct or indirect, in the MOU.
This announcement is dated 10th June 2009.