Solid Automotive Bhd has completed the acquisition of SG, a well-established motor vehicle spare parts trading company, for RM6 million in a strategic move to broaden its footprint in the automotive aftermarket sector.
According to its filing with Bursa Malaysia, Solid Automotive acquired the entire issued share capital of SG, comprising 500,000 shares, from its existing shareholders Ng Tian Seow, Leong Foo Weng, and Hong Kok Liang.
The acquisition marks a significant step forward for Solid Automotive as it seeks to diversify its revenue streams and enhance profitability within the passenger car segment of the general automotive aftermarket.
SG has built a strong reputation in the trading of genuine automotive parts, representing well-known marques such as Perodua, Proton and Nissan. The company’s customer base includes a robust network of over 300 clients, primarily comprising spare parts retailers.
Solid Automotive said the acquisition would allow it to leverage SG’s established distribution channels and further consolidate its position in the sector.
-The Star
