THE Securities and Exchange Commission (SEC) has given the green light for the incorporation of a San Miguel Corp. (SMC) subsidiary that will handle the importation and distribution of BMW vehicles in the country.
SMC told the stock exchange it received the SEC approval for the incorporation of SMC Asia Car Distributors Corp. on Thursday.
SMC Asia Car is 65% owned by San Miguel, with the remaining 35% owned by Palawan Governor Jose Ch. Alvarez, who currently chairs Asian Carmakers Corp. (ACC) — the exclusive importer and distributor of BMW vehicles in the Philippines.
“The investment of SMC in the business is expected to be fully implemented within this year, subject to ongoing finalization of the commercial aspect of the transaction,” the diversified conglomerate said.
SMC Asia Car still has to secure other regulatory requirements, including its registration with the Bureau of Internal Revenue, the Bureau of Customs, and the relevant local government units, for the necessary permits and licenses.
SMC posted a net income of P13.1 billion in the first quarter of 2017, on the back of strong growth across the firm’s food, beverage, oil, and infrastructure businesses. The company’s profits was supported by a 23% jump in revenues to P195.8 billion.
