Shin Yang's expansion into car business gains momentum

PETALING JAYA: Sarawak shipping company Shin Yang Group Bhd is diversifying its existing business to include automotive dealership, following the acquisition of 100% equity interest in Boulevard Jaya Sdn Bhd and 60% interest each in Boulevard Motor Sdn Bhd, Boulevard Motor (Sabah) Sdn Bhd and Boulevard Motor (Labuan) Sdn Bhd.

In a Bursa filing, the group said the balance for the purchase of Boulevard Jaya amounting to RM24.75mil, which represents about 90% of the total, would be paid in cash to Shin Yang Holding Sdn Bhd, KTE Motors Sdn Bhd and Ling Chiong Sing within the following seven days.

Ling is the group managing director of Shin Yang Group.

As for the Boulevard Motor Group share subscription agreement (SSA), the cash balance of RM58.47mil will be paid to Dwi Bumijaya Sdn Bhd within seven days, with consideration treasury shares transferred after the dealership agreement is renewed.

Boulevard Motor deals in Toyota and Lexus vehicles.