Ayala Corp. is the ‘preferred bidder’ to buy KIA Motors Philippines

Ayala Corp. (AC) on Wednesday confirmed it has secured its status as the “preferred bidder” in acquiring the Philippine franchise of KIA Motors Corp.

In a regulatory filing submitted by AC investor relations head Celeste Jovenir, the conglomerate said that wholly-owned subsidiary AC Industrial Technology Holdings Inc. has received the notice Kia Motors.

“We confirm that our wholly-owned subsidiary, AC Industrial Technology Holdings Inc., through one of its group companies, has received notice from Kia Motors Asia Regional headquarters that it has considered the Ayala group as ‘the preferred bidder’ to start negotiations for the Kia distributorship in the Philippines,” the filing read.

Details of the acquisition have yet to be finalized.

“However, no definitive terms have been reached and we will make the appropriate disclosure of any agreement reached,” it said.

AC is the holding company of the Ayala Group of Companies with businesses interests in real estate, financial services, telecommunications, water infrastructure, electronics manufacturing, power generation, transport infrastructure, automotive, healthcare, and education.

Its equity structure consists of 48.96-percent under the name of Mermac Inc. and 10.17 percent under Mitsubishi Corp., with the balance held by the public.

AC Industrial is the Philippine distributor of automotive brands Honda, Isuzu, and Volskwagen, and KTM Motorcycle. —Jon Viktor Cabuenas/VDS, GMA News