Malaysian Investor takes a stake in Loremo AG

Malaysian Investor takes a stake in Loremo AG
Munich based Loremo AG presents its concept car the 1,5l (157 mpg) Loremo LS at the Kuala Lumpur international Motor Show and signed a Purchase Agreement over 26% with the Malayan Kosmo Motor Company Bhd. Loremo AG, the innovative German auto maker which is also displaying its revolutionary concept car Loremo LS at the Kosmo Motor booth, signed yesterday a Sale and Purchase Agreement to sell 26% stakes to Kosmo Motor Company Sdn Bhd (Kosmo Motor), a wholly-owned subsidiary of second board listed Kosmo Technology Industrial Berhad (Kosmo Tech), The Group Managing Director of Kosmo Technology Industrial Berhad, Encik Norhamzah Nordin, signed on behalf of Kosmo Motor, while Loremo was represented by its CEO, Mr. Gerhard Heilmaier. Gerhard Heilmaier points out: “we appreciate the engagement of Kosmo Motor by Loremo AG. It will be a fruitful cooperation for both sides. We win a competent and strong partner in the Southeast-Asian market and Kosmo Motor’s R&D benefits from the technology exchange." The light weight car that has an expected consumption of only 1.5 liter per 100 km, will be on the road in 2009. Many exhibition visitors were drawn to this exhibit not only because of its eye-catching design and friendly-on-the-pocket promises but also because a Malaysian company has now become part of this pioneering venture.