Berjaya PH buys stake in Audi, BMW London distributor
MANILA, Philippines - The franchisee of Mazda cars in the Philippines has acquired a 29.81% stake in a London-based luxury car distributor.
Berjaya Philippines Inc, the local unit of Malaysian conglomerate Berjaya Corp. Bhd., acquired 7.04 million ordinary shares of H.R. Owen Group for 8.33 million Great Britain Pounds, equivalent to about P540.36 million, according to the Philippine Stock Exchange (PSE) in a memo late Friday, June 14.
H.R. Owen Group operates a number of vehicle franchises in the prestige and specialist car market, including Aston Martin, Audi, Bentley, BMW, Bugatti, Ferrari, Lamborghini, Lotus, Maserati, Mini, Pagani and Rolls-Royce.
H.R. Owen is going through a diversification exercise. It is registered in England and Wales and listed in the London Stock Exchange.
Following the disclosure, trading of the Berjaya's shares in the PSE was suspended on Monday, June 17.
The Berjaya group in the Philippines has stakes in various business, including Berjaya Auto Philippines, Inc. which took over the Mazda brand in the Philippines from Ford Philippines in January.
Berjaya Auto is already set to open 5 more dealerships, hiking its total number to 16.
It also has other businesses, including Berjaya Pizza Philippines, Inc. which holds the local franchise for American pizza restaurant Papa John’s; Perdana Hotel Philippines, Inc.; Perdana Land Philippines, Inc.; and Philippine Gaming Management Corp. - Rappler.com