Stamford Tyres (Hong Kong) Ltd., a subsidiary of Singapore-based Stamford Tyres Corporation Limited, has set up a wholly-owned subsidiary in China. The new company, Stamford Tyres Dongguan Co Ltd., was set up with a registered capital of US$1 million and will principally engage in the wholesale and distribution of tyres, wheels and automotive accessories.
Stamford Tyres Dongguan’s incorporation has been funded internally and isn’t expected to have any material impact on the Stamford Tyres Group’s per share consolidated net earnings and consolidated net tangible assets for the financial year ending 30 April 2018. Stamford Tyres Corporation adds that none of its directors, controlling shareholders or substantial shareholders have an interest, direct or indirect, in the above transaction, other than through their shareholding interests in Stamford Tyres Corporation.
