Japan car parts chain Autobacs Seven buys Singapore auto service firm
SINGAPORE, NNA - Japanese car parts retailer Autobacs Seven Co. has paid an undisclosed amount to acquire a 63 percent stake in Singaporean auto servicing and repair firm SK Automobile Pte. Ltd.
Autobacs will expand its vehicle servicing offerings in Singapore by adding more specialized mechanical maintenance to its existing services, according to the Tokyo-based company.
Autobacs, which operates three auto parts shops in the city-state among 46 total overseas, expects stable growth in demand for car maintenance services there as local vehicle registrations are stable, particularly for wealthy individuals.
“We will further strengthen our business in the (Southeast Asian) region,” a spokesman for Autobacs told NNA on Thursday, citing increasing demand for car maintenance-related services in the region in the last four to five years. (NNA/Kyodo)