Warisan TC Holding Berhad

What Warisan TC Holding Berhad does

Warisan TC Holdings Berhad is a Malaysian-listed investment holding company (KLSE:WARISAN, founded 1997, headquartered in Kuala Lumpur, 501-1,000 employees) that operates four distinct business segments: Travel and Car Rental, Industrial Machinery and Equipment, Automotive, and Consumer Products. The Travel and Car Rental segment operates under the Mayflower brand through wholly-owned subsidiaries such as Mayflower Holidays, Mayflower Corporate Travel Services, Mayflower Car Rental, GoCar Mobility, and Discovery Tours, offering inbound/outbound tours, corporate travel, medical and education tourism, hotel reservations, air ticketing, and car rental across Malaysia, Cambodia, Thailand, Taiwan and Guangzhou (China), with planned expansion to New Zealand and the United States. The Industrial Machinery and Equipment segment, run through TCIM Sdn Bhd and Jentrakel Sdn Bhd, distributes material handling, construction, agricultural, and power generation equipment.

The Automotive segment distributes commercial vehicles under the Foton and JMC brands via Angka-Tan Motor Sdn Bhd, and passenger vehicles under the GAC and AION brands via WTC Automotif (M) Sdn Bhd, with recent June 2026 launches including the GAC EMKOO CKD SUV and the GAC M8, Malaysia's first flagship PHEV MPV. The Consumer Products segment consists of joint ventures distributing Shiseido prestige cosmetics and Wacoal ladies' undergarments in Malaysia. Revenue is generated through a mix of service fees and commissions (travel, car rental), hardware sales (machinery, commercial and passenger vehicles), and consumer products distribution via JV retail networks. Go-to-market combines direct enterprise sales (machinery, commercial fleets), branded retail dealerships and travel agency storefronts, and digital platforms such as the GoCar car-sharing app and MUV Marketplace automotive platform. The group is led by President and CEO Keng Meng Tan.

Recent governance context is material: at the 29th AGM in June 2026, shareholders rejected three recurring related-party transaction mandates with a combined value of RM725.89 million (notably with Tan Chong Motor Holdings and APM Automotive Holdings), signaling activist shareholder pushback on related-party dealing that nonetheless remains a structural feature of the group's automotive distribution model.

Name

Warisan TC Holding Berhad

Legal name

Warisan TC Holdings Berhad

Website

https://warisantc.com.my

Company type

Public

Founded year

1997

Operating status

Operating

Headcount range

501–1,000 employees

Short description

Warisan TC Holdings Berhad is a Malaysian-listed investment holding company operating four segments: Mayflower travel and car rental, TCIM industrial machinery distribution, Foton/JMC and GAC/AION automotive distribution, and Shiseido/Wacoal consumer product joint ventures across Malaysia and the wider region.

Ownership category

akta.pro rank

Product category

Diversified Investment Holding

NAICS

Construction and Mining (except Oil Well) Machinery and Equipment Merchant Wholesalers (423810), Motor Vehicle Supplies and New Parts Merchant Wholesalers (42312)

SIC

Wholesale-Industrial Machinery & Equipment (5084), Wholesale-Construction & Mining (No Petro) Machinery & Equip (5082), Wholesale-Motor Vehicle Supplies & New Parts (5013)

akta.pro primary industry

Full-Service Corporate TMCs (End-to-End Managed Travel) (THAKACAA)

akta.pro secondary industry

Enterprise/Global Account Corporate TMCs (THAKACAD)

Keywords

• Investment holding services
• Travel and car rental
• Industrial machinery distribution
• Automotive vehicle distribution
• Consumer products distribution

Headquarters

HQ city

Kuala Lumpur

HQ country

Malaysia

HQ region

Asia

Offices1 record

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Supply Chain, Marketing or Sales, Infrastructure, Others

Revenue model

1. Travel and Car Rental: Mayflower brand operations including inbound/outbound tours, corporate incentive tours, medical tourism, education tourism, hotel reservations, air ticketing, and car rental services. Revenue generated through service fees, commissions, and rental charges.
2. Machinery and Equipment: Material handling machinery (forklifts, factory scrubbers, sweepers), construction machinery (roadworks, earthwork, quarrying, mining), agricultural equipment (tractors, golf and turf), engines, generators, and air compressors. Revenue from equipment sales, rentals, and related services.
3. Automotive: Light commercial trucks, heavy commercial trucks, pickup trucks, and passenger vehicles under various brands (Foton, JMC, GAC). Revenue from vehicle sales and after-sales services.
4. Consumer Products and Others: Cosmetics (Shiseido), undergarments (Wacoal), property investment, captive insurance, and other diversified sectors.

Go-to-market motion1 record

Distribution channels5 records

Marketing channels3 records

Core offering

Warisan TC Holdings Berhad is a Malaysian investment holding company that operates four diversified business segments: Travel & Car Rental (Mayflower brand for inbound/outbound tours, corporate incentive tours, medical/education tourism, hotel reservations, air ticketing, and car rental), Industrial Machinery & Equipment (TCIM and Jentrakel offering forklifts, construction/agricultural machinery, engines, and generators), Automotive (Foton and JMC commercial vehicles plus GAC and AION passenger vehicles), and Consumer Products (Shiseido cosmetics and Wacoal undergarments through joint ventures).

Product overview

Warisan TC Holdings Berhad is a diversified investment holding company operating through four distinct business segments. The Travel & Car Rental segment operates under the Mayflower brand, offering comprehensive travel services (Mayflower Holidays, Mayflower Corporate Travel, Mayflower Car Rental) and GoCar Mobility car rental services across Malaysia and the region (Cambodia, Thailand, Taiwan, China, with expansion planned to New Zealand and USA). The Industrial Machinery & Equipment segment (TCIM, Jentrakel) provides material handling, construction, agricultural machinery, and power solutions. The Automotive segment distributes commercial vehicles (Foton trucks via Angka-Tan Motor) and passenger vehicles (GAC, AION via WTC Automotif), including recent launches of the GAC EMKOO SUV and GAC M8 PHEV MPV. The Consumer Products segment includes joint ventures Shiseido Malaysia (cosmetics) and Wacoal Malaysia (under-garments).

Differentiator

Problem solved

Functional benefit

Brands

• Mayflower: Travel and car rental brand operating Mayflower Travel, Mayflower Car Rental, Discovery Tours, GoCar, and regional operations across Asia
• Foton
• JMC
• GAC Motor
• AION
• GoCar
• TCIM
• Discovery Tours

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Two partnerships are on record, tiered minor.

• APM Automotive HoldingsminorOthersRelated-party transaction partner in automotive supply chain. Shareholders rejected related-party transaction mandate worth approximately RM185.67 million at Warisan TC Holdings AGM on June 11, 2026.
• Tan Chong Motor HoldingsminorOthersRelated-party transaction partner in automotive distribution. Shareholders rejected related-party transaction mandate worth approximately RM308.96 million at Warisan TC Holdings AGM on June 11, 2026.

Scale indicators3 records

Recent moves5 records

Expansion highlights4 records

Direct peers

• Sime Darby Berhad: Malaysian-listed diversified investment holding company with industrial equipment (heavy machinery), automotive distribution, and healthcare interests. Highly comparable to Warisan TC's conglomerate structure spanning machinery, automotive distribution, and other consumer segments.
• DRB-HICOM Berhad: Malaysian-listed conglomerate with automotive assembly, defence, logistics, and industrial services. Comparable in Malaysian regulatory environment and diversified industrial/commercial exposure to Warisan TC's automotive and machinery segments.
• MBM Resources Berhad: Malaysian-listed automotive distributor with significant exposure to commercial and passenger vehicles through dealership networks. Directly comparable to Warisan TC's Angka-Tan Motor (Foton/JMC) and WTC Automotif (GAC/AION) dealership operations.
• United Tractors: Indonesian-listed heavy equipment distributor (Komatsu), energy mining, and construction machinery distributor. Closely comparable to TCIM's material handling, construction, and mining machinery distribution role in Malaysia.
• Berjaya Corporation Berhad: Malaysian-listed diversified conglomerate with holdings spanning consumer, hospitality, automotive, and services. Comparable portfolio diversification profile and Malaysian capital-market context to Warisan TC.
• Corporate Travel Management Limited (CTM): Australian-listed corporate travel management company providing end-to-end managed travel for enterprise and SME clients. Directly comparable to Mayflower Corporate Travel Services' managed corporate travel offering across Asia-Pacific.

Broad incumbents

• Hertz Global Holdings: Global car rental brand operating enterprise and consumer rental fleets. Comparable to Mayflower Car Rental's traditional rental operations and GoCar Mobility's car-sharing business, with broader geographic scale.
• CWT Limited (formerly Carlson Wagonlit Travel): Global corporate travel management platform serving enterprise clients across geographies, with broader scale than regional TMCs. Comparable corporate travel managed-services model to Mayflower Corporate Travel Services, though larger and globally diversified.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat3 records

Key risks6 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/warisan-tc-holdings-berhad

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Subsidiaries16 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Warisan TC Holding Berhad