BY FRANCIS DASS - 6 OCTOBER 2016 @ 12:05 PM
KUALA LUMPUR: Japanese giant Autobacs Seven Co Ltd has acquired a 20 per cent stake in tyre retailer Kit Loong Tayaria Sdn Bhd.
Autobacs Seven, a Japanese listed company and Kit Loong Tayaria declined to reveal the monetary value of the 20 per cent stake.
Under the deal, Malaysian consumers will have direct access to Autobacs Seven's range of Japanese automotive parts and accessories at Kit Loong Tayaria’s 80 outlets nationwide.
The deal was signed by Kit Loong Holdings Sdn Bhd chief executive officer Jacob Chen and Autobacs Seven's director and senior executive officer for overseas business Yugo Horii here today.
Kit Loong Tayaria is a subsidiary of Kit Loong Holdings.
A check on the Bloomberg Market website reveals that Autobacs Seven's range of products include batteries, car stereos, and both interior and exterior car accessories. The Japanese giant also has a presence in Taiwan, Europe and the United States.