Vietnam’s homegrown car manufacturer VinFast has entered into an agreement to take over the Lang Lang Testing Centre in Australia from American car giant General Motors. Meanwhile, FWD, the insurance company of Hong Kong billionaire Richard Li, will be buying a minority stake in Singapore-based financial advisory company IPP Financial Advisers (IPPFA).
Vingroup’s automobile arm acquires Australian testing centre
VinFast, the automobile arm of Vietnamese conglomerate Vingroup, is acquiring the Lang Lang Testing Centre in Australia from GM Holden for an undisclosed sum.
As a testing facility of all Holden-branded cars since 1958, the Lang Lang Testing Centre has a total area of 872 hectares, with a test track system of more than 44 km simulating all kinds of terrain in practice, as well as other vehicle testing amenities.
In February this year, US-based General Motors announced its exit plan of the GM Holden brand in Australia and New Zealand. The firm agreed to sell Lang Lang to VinFast “to continue the mission of testing impressive new car models coming in the future”, VinFast said in a statement.
The acquisition was sealed after the Vietnamese carmaker established its Institute of Automotive Technology 2 and opened an office in Melbourne.
FWD buys minority stake in Singapore financial advisory IPPFA
Hong Kong-based insurer FWD will be buying a minority interest in Singapore-based financial advisory company IPP Financial Advisers (IPPFA), according to an announcement.
The strategic alliance will enable FWD to design more life insurance products while complements IPPFA’s existing range of financial products, financial planning services and investments capabilities.
IPPFA said it will retain its position as an open architecture financial planning institution with access to a comprehensive range of products from different insurers and fund houses.