SIME Darby Bhd will maintain its presence in Hong Kong despite the ongoing protests in the autonomous territory. 

Group chief executive officer Jeffri Salim Davidson said Hong Kong remained an important market for the group for luxury cars and was a gateway to China.

Currently, Hong Kong contributes less than 5% to the group’s revenue from its motors and industrial divisions.

“We have been in Hong Kong for so many years. So, we have got a lot of legacy there. 

“We have to make sure that our staff are safe. That is the main thing,” he told reporters after the group’s annual general meeting in Kuala Lumpur today.

Sime Darby has 1,200 employees in Hong Kong.

“I think it is a very mature market. It is a gateway to China’s market. Hong Kong is an affluent society and the market share of the luxury cars segment in Hong Kong is very high,” said Jeffri. 

He said Sime Darby also supplied spare parts to the Hong Kong government’s dockyard, with the majority of the boats using Caterpillar engines, for which Sime Darby is an exclusive dealer.

Meanwhile, Sime Dary is allocating between RM500 million and RM600 million for capital expenditure in the financial year ending June 30, 2020.

Group chief financial officer Mustamir Mohamad said there were a few mergers and acquisitions in the pipeline in the industrial and motors divisions. – Bernama, November 14, 2019.