News

1. Introduction

The Board of Directors of APM Automotive Holdings Berhad (“APM” or “the Company”) wishes to announce that the consortium, comprising Tan Chong Motor Assemblies Sdn. Bhd. (“TCMA”), a 70% owned subsidiary of Tan Chong Motor Holdings Berhad (“TCMH”), APM Shock Absorbers Sdn. Bhd. (“APMSA”), a wholly-owned subsidiary of APM, and TCIM Sdn. Bhd. (“TCIM”), a wholly-owned subsidiary of Warisan TC Holdings Berhad (“WTCH”) (collectively referred as “the Consortium”), had on 12 March 2021 received a Letter of Notification dated 12 March 2021 from the Energy Commission of Malaysia notifying that the Consortium had been selected as a shortlisted bidder for the development of the LSS Project, subject to the fulfillment of additional requirements to be issued by the Energy Commission in due time. 

2. Background of the LSS Project

The LSS Project involves developing, financing, designing, supplying, installing, operating and maintaining the 20MW Large Scale Solar Photovoltaic Plant on the water surface in Kawasan Kolam Takungan Air Serendah, Hulu Selangor to build, own and operate basis with the expected commercial operation date by 31 December 2023 for a term of 21 years under the power purchase agreement with Tenaga Nasional Berhad.  

3. Financial Effects

The LSS Project is not expected to have any material effect on the earnings per share, net assets per share and gearing of APM Group for the financial year ending 31 December 2021. It also has no effect on the share capital of the Company and shareholdings of its substantial shareholders. However, the LSS Project is expected to contribute positively to the future earnings of APM Group. 

4. Interest of Directors, Major Shareholders and/or Persons Connected

The participation by the parties in the Consortium was proposed through the holding of equity interest in the joint venture company (“JV Company”) to be formed, subject to the terms and conditions to be agreed between the parties. A separate announcement relating to the formation of the JV Company to undertake the development of the LSS Project will be made in due course.

Save for the following Directors and major shareholders of the Company, none of other Directors or major shareholders or persons connected to them, has any interest, direct or indirect, in the LSS Project:

(i) Tan Chong Consolidated Sdn. Bhd. (“TCC”), is a major shareholder of the Company by virtue of its direct interest in the Company. TCC is also a major shareholder of TCMH and WTCH;

(ii) Dato’ Tan Heng Chew, is a Director and major shareholder of the Company, by virtue of his direct and indirect interests, through his interests in TCC, Wealthmark Holdings Sdn. Bhd. and interest of spouse. Dato’ Tan is also a Director TCMH, TCMA and major shareholder of TCMH and WTCH via his direct and indirect interests in TCMH and WTCH;

(iii) Mr. Tan Eng Soon is a major shareholder of the Company by virtue of his interests in TCC. Mr. Tan Eng Soon is also a major shareholder of TCMH and WTCH via his interests in TCC;

(iv) Dato’ Tan Eng Hwa is a Director, person connected to Dato’ Tan Heng Chew and deemed interested by virtue of his direct and/or indirect interests in APM, TCMH and WTCH pursuant to Section 8 of the Companies Act, 2016; and

(v) Mr. Lee Min On, an Independent Non-Executive Director of the Company, is also an Independent Non-Executive Director of TCMH and WTCH. Mr. Lee does not have any interests, directly or indirectly in APM, TCMH and WTCH.

This announcement is dated 15 March 2021.