Ayala Corporation is looking forward to expand its business in vehicle distribution with Kia. This is evident on its latest bid seeking to acquire distributorship rights for the South Korean marque.
According to a report by Inquirer.net, Ayala, through its subsidiary AC Industrial Technology Holdings Inc., received a notice from Kia Motors regarding the conglomerate’s bid. The South Korean marque stated that the Ayala group is its "preferred bidder" to be the official distributor of Kia in the Philippines.
According to Ayala, there are no definitive terms reached as of the moment. However, the corporation promised to disclose any agreement done by both parties.
There are six models lined up under Kia in the local market to date. These are the Picanto, Rio Hatchback, Soul, Sportage, Sorento, and Grand Carnival.
Currently, Ayala operates its car dealership business under its subsidiary AC Industrial Technology Holdings Inc. This includes Honda, Isuzu, and Volkswagen, where 13% stake is in Honda Cars Philippines Inc. (HCPI), 15% stake in Isuzu Philippines Corp. (IPC), and 100% ownership in Automobile Central Enterprise Inc. (Volkswagen).
In addition, AC Industrial Technology Holdings Inc. also handles manufacturing operations for Austrian motorcycle brand KTM AG in partnership with KTM Asia Motorcycle Manufacturing Inc. The subsidiary also has 100% interests in KTM’s official distributor Adventure Cycle Philippines.
Source: Inquirer
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