San Miguel to buy 65% stake of BMW PH distributor

Updated Nov 23, 2022 | Same topic: Latest Consumer Reports

San Miguel Corporation now has a controlling stake in Asia Carmakers Corporation (ACC) – the official distributor of BMW cars in our country.

In a document sent to the Disclosure Department of the Philippines Stock Exchange (PSE), San Miguel Corporation (SMC) is finalizing the company’s entry into auto distribution, with the creation of a new affiliate for the importation and distribution of BMW cars in our country. This means SMC has acquired a controlling stake in Asia Carmakers Corporation (ACC).

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SMC is finalizing the company’s entry into auto distribution, with the creation of a new affiliate for the importation and distribution of BMW cars in our country

ACC has been the official importer and service provider of BMW vehicles in the Philippines since 2009. The firm is just one of many companies in the country and abroad of Mr. Jose Ch. Alvarez who is currently also the Governor of Palawan.

SMC has purchased a 65% stake in ACC, while the remaining 35% is owned by Mr. Alvarez. SMC has filed constitutive documents with the Securities and Exchange Commission (SEC) to form SMC Asia Car Distributors Corporation. The new company will engage in the distribution, importation and servicing of BMW cars in the Philippines.

In case you’re unaware, SMC is one of the biggest and most diversified conglomerated with interests in food, beverages, packaging, power and infrastructure, fuel and oil in the Philippines.

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SMC has purchased a 65% stake in ACC, while the remaining 35% is owned by Mr. Alvarez

SMC’s first entry into auto distribution comes at a time when our government is seeking to impose higher taxes on the automobile industry through House Bill 5636 and House Bill 3928.

Therefore, more on this developing story as it happens. Do stay tuned.

>>> View more: House Bill 5636 to raise excise taxes on automobiles

See also:

San Miguel Corp. expects to triple profit by 2020

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