After months of speculation, it’s finally official: The Ayala Corporation, through its subsidiary AC Industrial Technology Holdings Inc., is now the official local distributor of Kia vehicles in the Philippines.
This was confirmed in a company disclosure posted in the Philippine Stock Exchange this morning with the subject line “AC Industrials signs agreement to distribute Kia in the Philippines.”
“AC Industrial Technology Holdings Inc. (AC Industrials), a wholly-owned subsidiary of Ayala Corporation, has signed a Distributorship Agreement with Kia Motors Corporation (KMC) to distribute the Kia brand in the Philippines,” the disclosure reads.
Despite the development, Kia’s previous local distributor—Columbian Autocar Corporation—isn’t completely left out.
“To undertake this new business and re-establish the Kia brand in the Philippines, a joint venture company, with AC Industrials as majority stockholder, will be established in collaboration with the previous distributor Columbian Autocar Corporation (CAC). A comprehensive transition is currently ongoing in line with a targeted relaunch under AC Industrials by January 2019.”
The AC Industrials official Facebook account also posted a photo of the Distributorship Agreement signing between the parties involved. Kia joins Volkswagen and KTM under the Ayala Corporation.
So, planning to buy a new Kia soon? Watch out for January 2019. We’ve already been invited to a roundtable introducting the Ayala Group as the Korean manufacturer’s new local distributor, so stay tuned.
Update: We just got word that the chairman and CEO of the Ayala distributor of Kia in the Philippines is Art Tan. Joining him as president and COO is Manny Aligada.