PETALING JAYA – Bermaz Auto Bhd (BAuto), formerly known as Berjaya Auto Bhd, said its unit in the Philippines filed its application for a listing on the Main Board of the Philippine Stock Exchange (PSE) last Tuesday.

Previously, the group told Bursa Malaysia that its 60.4%-owned subsidiary Bermaz Auto Philippines Inc (BAP) planned to sell 155 million common shares at 1 peso each, representing 15.6% of the company’s issued and paid-up capital.

BAuto said the proposed listing is expected to unlock shareholders’ value in BAP and provide a transparent valuation benchmark for the Mazda automotive business of BAuto in the Philippines.

“With the proposed listing, BAP will have direct access to the equity capital market in the Philippines which will enable it to have greater capital management flexibility.

“The proposed listing will also enable BAP to gain recognition and enhance its corporate stature through its listing status on the Main Board of the PSE,” it noted.

The group said up to 70% of the offer shares will be sold to institutional buyers and the general public in the Philippines while the remaining 30% will be sold to trading participants and small local investors.

The net proceeds from the sale of primary shares are expected to be used for construction of a warehouse and body and paint facility; establishment of a training facility for automotive repair and motor services; and construction of Mazda showrooms and satellite outlets.

– Sundaily