Listed Berjaya Philippines Inc., the local unit of Malaysia's Berjaya Corporation Berhad, offered to fully acquire a London-based car distributor for £32.5 million, or P2.14 billion, in a bid to expand its car dealership business.
In a disclosure to the Philippine Stock Exchange on Thursday, the company announced its intent to make a public offer for the total equity capital of H.R. Owen PLC, a corporation registered in England and Wales and listed on the London Stock Exchange.
It said the offer covering the H.R. Owen equity on a fully diluted basis is at £32.5 million, or approximately P2.14 billion, the disclosure read.
"The funding for the acquisition of shares and the offer will be from the issuer’s internal funds and partly from bank loan," its said, noting that Berjaya Philippines is "confident that the loan can be repaid from the income... will not affect its operations."
Under the terms of the offer, the Berjaya Philippines said H.R. Owen shareholders who accept the offer will be paid 130 pence in cash for each share.
Last month, Berjaya Philippines announced it bought 7.04 million ordinary shares or 29.81 percent of the total issued and fully paid capital of H.R. Owen for £8.33 million or around P540.36 million.
H.R. Owen Group is engaged in after sales operations and operates a number of vehicle franchises in the prestige and specialist car market for sales and aftersales which include Aston Martin, Audi, Bentley, BMW, Bugatti, Ferrari, Lamborghini, Lotus, Maserati, Mini, Pagani and Rolls-Royce
predominantly in the London area.
In September 2012, Berjaya invested 30-percent in Berjaya Auto Philippines Inc., the exclusive distributor of Mazda vehicles.
Its other businesses include Philippine Gaming Management Corporation which leases on-line lottery equipment and provides software support, Papa John’s Pizza franchise holder Berjaya Pizza Philippines Inc., as well as Perdana Hotel Philippines Inc., and Perdana Land Philippines Inc. — Danessa Rivera/VS, GMA News