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DRB-HICOM SEALS COLLABORATION WITH
PETROMIN TO VENTURE INTO VEHICLE
New enterprise enhances the Group’s in depth automotive worth chain
SHAH ALAM, Monday, 29 August 2022: DRB-HICOMBerhad (“DRB-HICOM”,”theGroup”) by means of its wholly owned subsidiary, Edaran Otomobil Nasional Berhad (“EON”) shall develop its presence within the aftersales companies market through a three way partnership with the world’s fifth largest fast-fitservice model, Petromin Categorical, a subsidiary of Petromin Company (“Petromin”). EON at the moment signed a joint-venturesettlement with Saudi Arabia’s Petromin to enterprise into fast-fitcar servicing. The proposed new three way partnership will likely be 51:49, shared between Petromin and EON.
This three way partnership goals to convey collectively DRB-HICOM and EON’s trade capabilities and presence within the automotive worth chain with Petromin’s operational experience and observe report in quick match aftersales franchise mannequin to seize a quick and rising aftersales section that carefully aligns with the strategic aims of each events.
The settlement between the 2 firms was signed at a ceremony at Wisma DRB-HICOM at the moment. Signing on behalf of EON was its CEO Akkbar Danial, whereas the signatory for Petromin was Group CEO, Kalyana Sivagnanam. The signing was witnessed by DRB-HICOM Group Managing Director, Dato’ Sri Syed Faisal Albar and the senior administration workforce of each firms.
Syed Faisal believes the three way partnership will profit each events.
“Petromin’s collaboration with DRB-HICOM will permit it enter into the profitable Malaysian aftersales servicing market by partnering with a well-established and trusted company model within the automotive sector.”
“Their huge know-how and expertise coupled with DRB-HICOM’s market intelligence and in depth buyer attain will create a super synergy that may propel this partnership to nice heights. On the identical time, we’re very excited to offer a brand new, reasonably priced and handy service to Malaysians,” Syed Faisal says.
Akkbar and Kalyana each voice their hopes for the collaboration.
“We’re certainly excited to associate with Petromin and develop our presence within the put up guarantee aftersales market, which is able to most undoubtedly complement our present OEM primarily based aftersales companies”, says Akkbar on the collaboration.
“Petromin actively seeks to collaborate with likeminded trade leaders across the globe and approaches its partnership with DRB-HICOM as a pivot to bringing experience, networks, services to native markets. The chances are, due to this fact, countless,” says Kalyana.
He provides that their expertise within the present markets will profit the events.
“After a long time of reworking the mobility options panorama within the Center East and North Africa (MENA) area, Petromin is wanting ahead to serving to to remodeling, pioneering aftersales service expertise for the discerning clients in Malaysia and across the globe. We’re optimistic that this relationship will yield important impression in the marketplace within the face of game-changingtechnological, financial, and societal tendencies.”
In the meantime, Petromin’s, Managing Director, India & SE Asia, Sanjay Nigam expresses enthusiasm that the collaboration comes at an opportune time with buyer relationships with OEM’s altering the dynamics of at the moment’s automotive market.
“Reinventing buyer touchpoints is due to this fact needed as they proceed to evolve and alter. As market leaders within the Kingdom of Saudi Arabia, Petromin brings to bear its huge buyer centric, end-to-endmobility options, into the aggressive Malaysian market. Our partnership with DRB-HICOMwill assist each events develop methods to boost buyer expertise,” Sanjay says.
AUTO AFTERSALES SERVICE A GROWING SEGMENT
The joint-venture firm targets to begin pilot operations of the enterprise in January 2023, with 4 retailers through the 18-month pilot. Modelled after Petromin’s extremely profitable Petromin Categorical retailers in Saudi Arabia, the three way partnership firm goals to supply car homeowners a novel expertise of fast-fit aftersales companies with a fast turnaround time.
This three way partnership goals to seize a part of the massive and rising automotive aftersales market in Malaysia, which in 2021 generated income of roughly RM42b in 2021. Whereas the companies will likely be supplied to all automobiles, the corporate will likely be focusing on post-warranty automobiles aged between 5 and 10 years. The pilot will allow administration to derive an extended strategic roadmap for the enterprise together with capital necessities for growth.
ENLARGING DRB-HICOM’S AUTO FOOTPRINT WITH PETROMIN’S EXPERTISE
The collaboration enhances DRB-HICOM’s present and in depth automotive worth chain. The Group is already an OEM through PROTON, retails a number of international automotive manufacturers underneath the EON umbrella and in addition presents necessary inspection companies through PUSPAKOM.
The partnership with Petromin offers a superb alternative for DRB-HICOM to faucet into Petromin’s wealth of expertise and know-how. It operates the world’s fifth largest aftersales community with over 700 retailers throughout Saudi Arabia. The Petromin lubricant model controls the Saudi market with 40% share, and exports to over 35 nations within the Gulf, Center East, Africa and in addition Asia. Petromin additionally operates gasoline stations underneath the identical model and distributes Nissan vehicles within the kingdom.
ABOUT EON BERHAD
Edaran Otomobil Nasional (“EON”) was included as a non-public restricted firm in 1984 to be the distributor for Malaysia’s first nationwide automotive challenge, PROTON, and in that function, efficiently delivered over one million PROTON vehicles nationwide. Over time, EON developed and adopted a multi-brandtechnique, and now could be a seller for international manufacturers through its subsidiaries. Euromobil Sdn Bhd markets the Audi vary, whereas HICOM Auto Sdn Bhd is a seller for Volkswagen. The Mitsubishi vary is obtainable by means of EON Automart Sdn Bhd, the most important Mitsubishi community in Malaysia.
For the PROTON model, EON owns 10 dealerships throughout Malaysia. EON is also the franchise holder for AVIS and operates 14 rental centres throughout airports and cities in Malaysia. Working through DRB-HICOM EZ Drive Sdn Bhd, Avis Malaysia was awarded the Avis Funds Group’s “Licensee of The Yr” in 2018. EON has been ISO 9001:2000 licensed since 2003.
MEDIA CONTACT POINTS:
Planning & Compliance Division
Edaran Otomobil Nasional Berhad – HQ
ABOUT DRB-HICOM BERHAD
DRB-HICOM Berhad (“DRB-HICOM”)is one among Malaysia’s main conglomerates with core companies within the Automotive, Aerospace & Defence, Banking, Postal, Providers, and Property sectors. With 82 energetic firms in
its secure and greater than 46,000 staff’ group-wide,DRB-HICOM’s goal is to proceed including worth and propelling the nation’s improvement. Within the Automotive sector, DRB- HICOM is concerned within the manufacturing, meeting and distribution of passenger and business automobiles, together with the nationwide bike. In Aerospace and Defence, DRB- HICOM is concerned by means of its subsidiaries CTRM and DEFTECH, whereas it’s represented within the postal section by means of its subsidiaries Pos Malaysia, and banking by means of Financial institution Muamalat. Within the Providers section, DRB-HICOM is concerned in numerous companies, together with concession, schooling, aviation and logistics and funding holdings whereas in Property, DRB- HICOM is concerned within the improvement of commercial properties.
In case you are concerned with investing in DRB-HICOM, your funding determination is at your individual danger, taking the foregoing into consideration. Please be aware that neither DRB-HICOM nor any third-party offering info shall be answerable for any loss or injury which will end result out of your funding in DRB-HICOM primarily based on the data offered on this information launch.
MEDIA CONTACT POINTS:
Mahmood Razak Bahman
Head, Group Strategic Communications Division DRB-HICOM Berhad
Tel: +6017-636 3525 [email protected]
Group Strategic Communications Division
Tel: +6012-319 6602 [email protected]
proud subsidiary of Al-Dabbagh group, Petromin Company is a number one multi-national group primarily based within the Kingdom of Saudi Arabia. Petromin is synonymous to superior lubricants, world class automotive merchandise,
multi-modal mobility and sustainable transportation options with an unmatched fame for the very best high quality services within the trade at the moment.
Petromin was established by a Royal decree of the Kingdom of Saudi Arabia in 1968 as a three way partnership between Saudi Aramco and Exxon Mobil. Inside a brief span of time the corporate constructed a robust fame for producing and distributing premium lubricants within the area and international markets. At this time, with greater than 5000 staff, Petromin exports its services to over 40 nations within the Center East, Africa, and Asia.
Petromin seeks to discover, lead, innovate, and rework the mobility panorama by means of its in depth enterprise portfolio comprising of 8 verticals, all devoted to streamlining the automotive buyer journey from shopping for a car, sustaining it, promoting it and at last upgrading it for future-proof rides.
Below the Petromin Company banner, Nationwide Motor Firm serves as a licensed car distributor bringing world- class manufacturers to KSA; Nationwide Transportations Options Firm offers stem-to-stern fleet administration options by means of sustainable means; Nationwide gas Firm operates an in depth gas station community with fashionable forecourts within the MENA area; Petrolube formulates premium lubricants and oils for
business and industrial functions; Nationwide Automotive Upkeep Firm offers fast-fit and accessible after-sales companies by means of an in depth community; Nationwide Auto Elements Firm offers real and authorized aftermarket auto components; Nationwide Used Automotive Firm serves as a dependable on-line market for used vehicles to attach patrons and sellers; and Electromin presents future prepared e-mobility options coupled with a broad vary of companies.
Petromin’ s ambitions are unmatched, its want unsatiated, and its resolve unwavering within the quest to guide trade segments bringing the merchandise of tomorrow to the shoppers at the moment.
Comply with Petromin on social media:
Instagram: @ Petromincorp
Fb: @ Petromincorp
ABOUT PETROMIN EXPRESS
A enterprise unit inside Nationwide Automotive Upkeep Firm, Petromin Categorical operates over 650 world-class fast service retailers, providing a variety of auto care options underneath one roof.
With a trusted footprint within the Center East, Pakistan and India, Petromin Categorical is the world’s fifth-largest ‘Firm Owned & Firm Operated’ fast service model.
MEDIA CONTACT POINTS:
Head of Operations, Malaysia
+6017 2589677 [email protected]
DRB-HICOM Bhd revealed this content material on 29 August 2022 and is solely answerable for the data contained therein. Distributed by Public, unedited and unaltered, on 30 August 2022 04:13:07 UTC.
Technical evaluation tendencies DRB-HICOM
|Brief Time period||Mid-Time period||Lengthy Time period|
Revenue Assertion Evolution
|Variety of Analysts||6|
|Final Shut Value||1,44 MYR|
|Common goal worth||1,67 MYR|
|Unfold / Common Goal||15,9%|