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Berjaya sold stake in Peugeot biz for RM 6.67 mil, BAASB now subsidiary of Bermaz

Hans · Jun 9, 2021 08:34 AM

Berjaya sold stake in Peugeot biz for RM 6.67 mil, BAASB now subsidiary of Bermaz 01

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 sold stake in Peugeot biz for RM 6.67 mil, BAASB now subsidiary of Bermaz 02

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.

Berjaya sold stake in Peugeot biz for RM 6.67 mil, BAASB now subsidiary of Bermaz 01

“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 readIt’s official – Berjaya Auto Alliance takes over Peugeot from Naza, Citroen dropped

Berjaya sold stake in Peugeot biz for RM 6.67 mil, BAASB now subsidiary of Bermaz 02

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.

Berjaya sold stake in Peugeot biz for RM 6.67 mil, BAASB now subsidiary of Bermaz 03

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 readIt’s official – Berjaya Auto Alliance takes over Peugeot from Naza, Citroen dropped

Hans

Head of Content

Over 15 years of experience in automotive, from product planning, to market research, to print and digital media. Garages a 6-cylinder manual RWD but buses to work.

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