Malaysia's Sime Darby Opens New Unit in China

KUALA LUMPUR, June 14 (Bernama) -- Sime Darby Bhd, Malaysia's biggest conglomerate, established the Chengdu Bow Yue Used Cars Centre Company Ltd in China on Monday. It received the business licence approval for the company on Wednesday. Sime Darby said the RM17.02 million (US$5.34 million) entire registered capital for the centre will be held by B.M.W. Concessionaires (H.K.) Ltd, an indirect wholly-owned subsidiary of Sime Darby. The centre's core activities are display and sale of used cars and consultancy services for motor vehicles, it said in a filing to Bursa Malaysia on Thursday. The centre's establishment is not expected to have a material effect on the earnings or net assets of the Sime Darby Group for the financial year ending June 30, 2012, it added. -- BERNAMA