That the Ayala Group endeavors to be the distributor of Kia in the Philippines has long been known in the country’s auto industry. However, more details about it were just disclosed, saying the group will take a 65 percent stake in CAC (Columbian Autocar Corporation).
CAC, besides being the distributor of Kia, also takes hold of Peugeot and Mahindra in the country. “Pepito” Alvarez, the Founding Chairman, alone will take a 35 percent stake of the company following the acquisition. It is expected that the deal will close within 60 days. By adding Kia to its decorated automotive portfolio which already consists of KTM, Volkswagen, Isuzu, and Honda, Ayala has surpassed other big rivals such as Salvador Zamora or Dennis Uy.
>>> Related: Check out Kia Pregio 2017 for sale here.
Kia Picanto is one of the best-selling city cars in the Philippines
This latest deal looks quite similar to the BMW deal Alvarez used to make with San Miguel Corporation. As figures have shown, the CAC’s sales diminished by 29 percent last year as opposed to 2016.
With Ayala in charge of distributing Kia models, we all hope it means more and more high-quality models as well as variants arrive in the Philippine market. Let’s see!
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