After months of speculation, with rumors flying around left and right, and with no party willing to go on the record despite constant probing, we can finally confirm the incorporation of SMC Asia Car Distributors Corporation—a company that will become involved in “the business, importation, distribution, and servicing of BMW vehicles in the Philippines."
In a document addressed to the Disclosure Department of the Philippine Stock Exchange shared with us by our colleagues at Entrepreneur Philippines (you can check out their article here), it has been revealed that San Miguel Corporation will own 65% of the business, while the other 35% will be owned by Jose Alvarez. Asian Carmakers Corporation, headed by Alvarez, is currently the local distributor of BMW in the country. There are still no details about when this deal will take effect.
Check out a scan of the document below.
This is a surprising move on the part of San Miguel Corporation, especially as the revised excise tax is looming on the horizon. If and when implemented, the proposal will result in a massive price increase in the luxury-car segment.
BMW PH launched the BMW 5-Series in a posh event recently. Its current lineup includes the 1-Series, 2-Series, 3-Series, 4-Series, 6-Series, and X1, X3, X4, X5, and X6 SUVs.
More on this developing story as it happens. Do stay tuned.