CATALIST-LISTED MeGroup has been appointed as a dealer of MG cars in Malaysia, as it winds up its Hyundai dealership.

This dealership marks the group’s entry into the electric vehicle (EV) market.

MN Automart, a subsidiary of MeGroup’s Malaysian-based unit Menang Nusantara Holdings, will open the dealership in Setia Alam in the state of Selangor, it announced on Monday (Feb 5).

The outlet, which will occupy a two-storey semi-detached factory lot at Bandar Bukit Raja, is slated to begin operations on Feb 28. It will provide new car sales, service and spare parts. The initial term for the dealership will be 36 months, with an option to renew for a further 24 months.

MN Automart was previously a dealership for Hyundai since 2019, but has ceased those operations since Jan 31.

Wong Cheong Chee, executive chairman and CEO of MeGroup, said: “The appointment of the MG dealership marks a significant opportunity for the group to expand our dealership business, and signifies MG’s confidence in our proven track record.”

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He added that the group’s entry into the EV market “presents an excellent opportunity for us to capture growth in this new area of technology in the coming years”.

The number of brands under the company’s car dealership business is now seven (Ford, Honda, Mazda, MG, Mitsubishi, Peugeot and Proton), spanning 11 outlets.

Founded in 1930, British car brand MG has been owned by Chinese car conglomerate SAIC Motor since 2007. It produces both EVs and cars with combustion engines.

Shares of MeGroup closed unchanged at S$0.105 before the news.