MANILA, Philippines - San Miguel Corp. (SMC) expects to conclude talks with Asian Carmakers Corp. (ACC) for the diversified conglomerate’s investment in the distributor of BMW vehicles this month.
SMC president and chief operating officer Ramon Ang told reporters talks are ongoing for the firm’s investment in ACC.
“I have been invited by (Palawan) Gov. (Jose) Alvarez to join the company but we are finalizing the entry,” he said.
Alvarez is the chairman of ACC.
Ang said the talks could be completed within the month, with SMC making the investment in the company.
Alvarez told reporters he would want SMC to have a majority stake in ACC. “I want him (Ang) to be majority,” he said.
ACC has an enterprise value of between P2 and P2.5 billion.
Alvarez said Ang’s entry to ACC is expected to help support growth in the company’s sales. “The brand needs him because of his network,” he said.
Ang said he has been a BMW car owner for many years. “It’s really one of the best sports sedan,” he said.
ACC was appointed by the BMW group as both importer and service provider of BMW cars in the country.
It currently has the widest dealership network in the luxury vehicle segment with eight dealers. These are: Autoallee BMW in Eton Centris (EDSA), Autohaus BMW in Quezon City, Autozentrum BMW in Alabang, Prestige Cars in Makati, Premier Cars BMW in Pampanga, Autobahn BMW in Bacolod, Autowelt BMW in Cebu, and Premium Motoren BMW in Cagayan de Oro.