Berjaya Corp Bhd (BCorp) announced late yesterday that it has sold its 51 percent stake in the Peugeot distributorship joint venture Berjaya Auto Alliance Sdn Bhd (BAASB), to Bermaz Auto (BAuto) and BAASB’s other shareholders for RM 6.67 million.
Berjaya Corp’s CEO Jalil Rasheed said the divestment is part of the group’s rationalization exercise to divest non-core assets.
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"With BAuto being part of the BCorp Group previously, we recognised that it would be more synergistic for BAuto to acquire Berjaya Auto," he said in statement yesterday.
“Bermaz’s capabilities and expertise in the automotive industry have been proven by their tremendous success and impressive track record in running the Mazda business, and we are confident that they will be able to do well in replicating the same business success for Peugeot,” said Jalil.
BAASB was setup last year as the new distributor Peugeot vehicles (as well as after-sales / spare parts business for Citroen and DS Automobile, not sales), taking over from Naza.
Also read: It’s official – Berjaya Auto Alliance takes over Peugeot from Naza, Citroen dropped
Originally, BAASB was a joint venture between Berjaya Corp and its affiliate company Bermaz Auto. BAAB had a 51 percent stake, Bermaz Auto had 20 percent, while the rest were owned by other smaller shareholders.
Separately, Bermaz Auto had also announced that it will be taking an additional 35 percent stake in BAASB for RM 4.58 million.
With this, BAASB is now 55 percent owned by Bermaz Auto, effectively making it a subsidiary of Bermaz Auto.
Bermaz Auto also owns Dinamikjaya Motors, which is the distributor of Kia vehicles, another marque that was previously represented by Naza.
Also read: It’s official – Berjaya Auto Alliance takes over Peugeot from Naza, Citroen dropped
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