Berjaya Philippines buys nearly 70% of HR Owen as take over bid ends

Listed Berjaya Philippines Inc., a unit of Malaysia-based Berjaya Corporation Berhad, on Monday said acquired nearly 70 percent of US-based luxury car dealer H.R. Owen at the end of its take over bid Oct. 11.

 

"At the close of the period, the issuer acquired 17,465,685 shares or 69.74 percent of H.R. Owen’s issued and outstanding capital," Berjaya Philippines told the Philippine Stock Exchange.

 

On September 26, Corporate secretary Jose A. Bernas told GMA News Online that Berjaya Philippines hopes to bring the H.R. Owen business model to Asia.

 

H.R. Owen Group operates a number of vehicle franchises in the prestige and specialist car market which include Aston Martin, Audi, Bentley, BMW, Bugatti, Ferrari, Lamborghini, Lotus, Maserati, Mini, Pagani and Rolls-Royce for both sales and after sales, predominantly in the London area.

 

On July 30, Berjaya Philippines made an offer of 130 pence per H.R. Owen share and had since extended its offer three times.

 

Controlled by Malaysian tycoon Vincent Tan, Berjaya Philippines bought a 29.8-percent stake in HR Owen for £8.3 million in June. – VS, GMA News