CONGLOMERATE San Miguel Corp.’s (SMC) investment in the joint-venture company SMC Asia Car Distributors Corp. (SMC Asia Car) is seen to be finalized within 2017.
In a disclosure with the Philippine Stock Exchange (PSE) Wednesday, SMC said SMC Asia Car has a P1 billion authorized capital stock, divided into 10 million shares, priced at P100 apiece.
The company, which is 65 percent owned by SMC and 35 percent by Palawan Governor and Asian Carmakers Corp. (ACC) Chairman Jose Alvarez, has a paid-up capital of P500 million.
“The investment of SMC in the Business is expected to be fully implemented within this year, subject to ongoing finalization of the commercial aspect of the transaction.
SMC Asia Car will be engaged in the importation, distribution and servicing of BMW vehicles in the country.
The disclosure said the joint-venture firm has applied for registration with the Securities and Exchange Commission (SEC), as well as with the Bureau of Internal Revenue, the Bureau of Customs, and the relevant local government units.
In a disclosure Tuesday, SMC said SMC Asia Car’s documents of incorporation were submitted before the SEC last Monday. Joann Santiago/PNA