Permaju Unit to Cease Ford Dealership Business
KUALA LUMPUR, May 11 (Bernama) -- Permaju Industries Bhd's wholly-owned subsidiary Capital Intertrade Sdn Bhd (CISB) is ceasing its Ford dealership operations, having served a notice of company closure and surrender of operations to Sime Darby Auto ConneXion Sdn Bhd (Sime Darby Auto).
Permaju said the company is terminating its dealer sales and service agreement and surrendering the Ford dealership which was entered with Sime Darby Auto on April 22, 2011.
Both parties had mutually agreed to cease the operation by July 31, 2026, it said in a filing with Bursa Malaysia today.
“The termination was served upon deliberating and analysing past performance, current and future possibilities which indicated a lack of sustainability and growth potential,” Permaju said.
It added that it is currently negotiating with other dealerships as a possible replacement and will make an announcement once discussions are finalised.
Permaju, which is also involved in property development and plantation businesses, said the termination is not expected to have any material effect on its gearing, earnings per share, net assets and substantial shareholders’ shareholdings for the financial year ending Sept 30, 2026.
It also said that none of its directors, major shareholders or persons connected to them have any direct or indirect interest in the termination.
-- BERNAMA