Philippine Mazda Distributor’s P1.24bln IPO Gets SEC Approval

0

The Philippine Securities and Exchange Commission (SEC) has approved the P1.24 billion initial public offering (IPO) of Bermaz Auto Philippines Inc, the exclusive distributor of Mazda vehicles.

With the approval, Bermaz Auto Philippines will offer 155 million primary and secondary shares at an offer price of P8 per share, according to SEC documents.

The company said it will use the proceeds of its IPO to fund the construction of a warehouse, body and paint facility, training facility, showrooms, and satellite outlets.

The 155 million primary and secondary shares represent 15.6 percent of Bermaz Auto’s total outstanding capital stock after the IPO.

Pricing date for the IPO is scheduled on March 22 while the expected offer period is scheduled on March 27 to March 31. Listing date is tentatively set on April 7.

READ ALSO:
Metro Retail Stores Group Raises Php3.61 Billion in Philippine IPO
Bullish Outlook for Malaysia’s IPOs This Year

Maybank ATR Kim Eng Capital Partners Inc. has been appointed as the international and domestic lead manager and underwriter for the IPO, while Maybank Investment Bank Berhad was named principal adviser.

Bermaz Auto Philippines is a unit of Philippine Stock Exchange-listed Berjaya Philippines (PSE:BCOR). Its parent company, Bermaz Auto Berhad, is listed in Bursa Malaysia.

The company is the distributor of Mazda vehicles in the Philippines through various dealers nationwide. – BusinessNewsAsia.com

LEAVE A REPLY