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MANILA - The automotive unit of Berjaya Philippines Inc. formally bagged the right to distribute Mazda brand vehicles in the country.
In a disclosure to the Philippine Stock Exchange, Berjaya Philippines said it executed on Wednesday an agreement with Mazda Motor Corp. of Japan for the right to distribute the Japanese carmaker’s vehicles in the country.
The deal thus expanded the Berjaya group's business footprint in the country, which includes gaming/lottery management (Philippine Gaming Management Corp.), hotel (Berjaya Hotel), and food and beverage (Papa John's Pizza).
Berjaya Auto was also cleared to hike its authorized capital stock to P220 million to accommodate the entry of Bermaz Motor International Ltd., the exclusive distributor of the Mazda brand vehicle in Malaysia.
Bermaz Motor will subscribe to 60 percent of the auto company's enlarged issue share capital. Berjaya Auto will have 30 percent of its enlarged equity, while Bagan Resources Pte. Inc. will reduce its shareholdings to 10 percent.
Berjaya Auto was incorporated last month with an authorized capital stock of P10 million.
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