Mazda's independent assembler and distributor in Malaysia, Berjaya Auto, has applied to list the shares of its Philippine auto distribution subsidiary on the main board of the local Philippine stock exchange.
Kuala Lumpur-listed Berjaya Auto, through its Bermaz Motor subsidiary, owns more than 60% of the equity in Bermaz Auto Philippines which distributes Mazda vehicles and spare parts in the country.
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Bermaz Motor assembles and distributes Mazda vehicles in Malaysia, including the locally-assembled CX-5 SUV it exports to Thailand and the Philippines. The company also imports vehicles from Thailand and Japan.
The decision to list its Philippine subsidiary follows a weakening sales performance in Malaysia, as the overall vehicle market slowed sharply in the first half of the year.
The company's recent market outperformance so far this year has come at a price. Revenues fell by 3.7% to MYR494m in the quarter ending in June 2016, while earnings were 21% lower at MYR41.1m.
Sales in the Philippines continued to grow strongly, by 18% to close to 1,900 units in the first half of 2016.
