Listed holding firm Berjaya Philippines Inc will soon increase its total stake in UK-based luxury cars dealer HR Owen Plc for over 98 per cent as a result of signing a sale shares deal over the weekend.
The deal was made for investment purposes, and in order for Berjaya Philippines to own almost all the shares of HR Owen.
Berjaya Philippines, which currently owns 72.07 per cent of HR Owen, has bought from the car retailer an additional 26.31 per cent stake or more than 66.5 million shares priced at £2.25 apiece, for a total of $188.6 million (£149.8 million).
The holding company has so far paid 10 per cent in cash and will complete the remaining 90 per cent in the next six months.
Registered in England and Wales, HR Owen operates a number of vehicle franchises in the prestige and specialist car market such as Aston Martin, Audi, Bentley, BMW, Bugatti, Ferrari, Lamborghini, Lotus, Maserati, Mini, Pagani and Rolls-Royce. It provides both sales and aftersales services, predominantly in the London area.
Berjaya Philippines is 74.2 per cent owned by Berjaya Lottery Management (HK) Limited of Hong Kong, and 14 per cent by Berjaya Sports Toto (Cayman). The firm is into gaming, mobile phone prepaid loading distributions, hotel, automobiles, restaurant, and also foundations.
Berjaya Philippines’ ultimate parent is Berjaya Sports Toto Berhad of Malaysia, a publicly listed company in the Kuala Lumpur stock exchange.
Only two weeks ago, the Philippine holding firm invested over $1.5 million in acquiring a 0.62 per cent stake in Berjaya Assets Berhad (BAssets), owner of Berjaya Times Square, the largest shopping centre and commercial development in Malaysia.
Berjaya Philippines’ last trading price decreased 5.47 per cent or P0.290 to close at P5.01 per share.