As the company seeks to add another car distribution under its belt, Ayala Corporation revealed Wednesday that its subsidiary has been named “preferred bidder” for Kia distributorship in the country.
The corporation said in a disclosure to the Philippine Stock Exchange that it has received notice from the Kia Motors Asia Regional headquarters, stating that a unit of its wholly-owned subsidiary AC Industrial Technology Holdings Inc. is chosen as the “preferred bidder to start negotiations”.
“However, no definitive terms have been reached”, said the company.
Nonetheless, it assured that “appropriate disclosure of any agreement reached” will be done.
According to an article by ABS-CBN News, the company released the statement after a Spin.ph report came out, saying that it was to acquire Kia Philippines and restore its PBA team.
Should the Ayala company take over the Korean automotive brand distributorship, it will be replacing Columbian Autocar Corporation.
AC Industrial Technology, consolidated by the Ayala group in 2016, also owns distribution interests in Honda Cars Philippines, Inc. and Isuzu Philippines, Corp., 13 and 15 percent respectively, according to a report by Inquirer.net
The company also wholly owns interests in Automobile Central Inc., official importer and distributor of Volkswagen, and in Adventure Cycle Philippines Inc., which distributes KTM motorcycles.
Featured photo from Kia Motors Philippines’ Facebook page