MANILA, Philippines - Berjaya Philippines has acquired a controlling stake in UK-based luxury car distributor H.R. Owen PLC.
In a disclosure to the stock exchange, Berjaya Philippines said it had acquired 17.46 million shares, representing 69.74% of H.R. Owen's issued and outstanding capital after the tender offer ended on October 11.
HR Owen is Britain's largest luxury and super car dealership, selling high-end vehicles such as Lamborghinis, Ferraris, Bentleys and Rolls Royces.
In June, Berjaya Philippines expanded its car dealership business, buying 29.81% of H.R. Owen for P540.36 million as a long-term investment in line with its diversification strategy.
Berjaya Philippines had earlier entered into a deal with Mazda Motor Corp. to set up a Mazda vehicle distribution business in the Philippines.
source: www.abs-cbnnews.com
