Vince Pornelos / AutoIndustriya.com | July 19, 2017 00:09
SMC purchases a controlling stake in ACC-BMW
After much speculation, rumors, and insider tips, it seems that one of the country's largest conglomerates has now entered the automobile industry... and in the luxury sector.
In a document sent to the Disclosure Department of the Philippine Stock Exchange (PSE), San Miguel Corporation (SMC) has acquired a controlling stake in Asian Carmakers Corporation (ACC), the official distributor of BMW vehicles in the Philippines. The document was a follow up to the earlier document sent to the same department within the PSE.
Asian Carmakers Corporation has been the distributor of BMW in the Philippines since 2009. The company is an integral part of the Columbian Group of Companies. The parent conglomerate is owned by Mr. Jose Ch. Alvarez, currently also the Governor of Palawan.
The document advises the Disclosure Department that SMC has purchased a 65% stake in ACC, while the remaining 35% will remain with Mr. Alvarez. It also states that constitutive documents for the incorporation have been filed with the Securities and Exchange Commission.
The new company will be named SMC Asia Car Distributors Corporation.
ACC-BMW came into being in 2009 after the previous distributor, BMW Philippines, decided to conclude their operations and turn over the duties of importer and distributor to the Columbian Group. ACC-BMW is currently led by their president: Ms. Maricar Parco.
BMW is the best performing premium and luxury automobile brand in the Philippines; in 2016, they sold 1,016 units in the country. Globally, the BMW Group -which also includes Mini and Rolls-Royce- accounted for a total of 2 million units sold in 2016.