Mazda's local distributor Bermaz Auto Philippines files IPO

Bermaz Auto Bhd (BAuto) has filed its listing application of a possible P1.24-B initial public offering (IPO) that could start off by next year.

Reports state that Mazda PH’s exclusive distributor Bermaz Auto Philippines, Inc. (BAP), formerly known as Berjaya Auto Philippines, has sought the approval of the Securities and Exchange Commission (SEC) to list some of its shares on the Philippine Stock Exchange (PSE). If approved, BAP will be selling 155 million common shares to the investing public with a maximum of P8 offer per share.  

Of note, part of the offer is the 83,430,000 new shares, as well as the existing 71,570,000 shares, as announced by BAuto.

More shareholders like Bermaz Motor International Ltd., Prima Merdu Sdn Bhd, Tan Teck Wah, and Terrific Dynamics Sdn Bhd will publicize 42,570,000 common shares through the proposed IPO.

The proceeds from the planned IPO have been designated by BAP for projects, such as warehouse and body/paint facility construction, automotive repair and motor services training facility, and Mazda showrooms, as well as satellite outlets establishment.

It has been known that BAP has increased its net income to P110.5 million, P231.4 million, and P366.1 million in the last 3 fiscal years ending April 30. It then netted to P2.34-B, of which the P216.2-M were from revenues.

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