Bursa Alert
Global Market
NewsBerjaya Auto aims double digit growth in the Philippines
Page 1 of 1
Berjaya Auto aims double digit growth in the Philippines
by Cals Mon 18 Nov 2013, 15:37
Published: Monday November 18, 2013 MYT 10:35:00 AM
Updated: Monday November 18, 2013 MYT 1:37:20 PM
Berjaya Auto aims double digit growth in the Philippines
BY JOHN LOH
KUALA LUMPUR: Mazda car retailer Berjaya Auto Bhd, which staged a solid debut on the Main Market of Bursa Malaysia on Monday, sees potential for double-digit growth in total industry volume in the Philippines from about 4% now, said CEO Datuk Yeoh Choon San.
Its Philippine operations, via 60%-owned Berjaya Auto Philippines, is already contributing to 5.2% of group sales despite starting only in January.
In the longer-term Berjaya Auto is targeting for revenue from the Philippines to grow to 15%-20% of group turnover, Yeoh told reporters after the listing ceremony.
The company is the sole importer and distributor of Mazda cars there.
He also said Typhoon Haiyan was unlikely to have a major impact on its business in the Philippines as the damage was limited to the Tacloban province.
Berjaya Auto opened with a premium of 85 sen, or 121%, to its IPO price of 70 sen at RM1.55, with a first trade of 2.32 million shares.
At mid-morning the stock was trading at RM1.90 after hitting a high of RM2.20, on volume of 42.66 million shares.
The IPO raised RM58mil from an offer for sale of 82.76 million shares. Most of the proceeds will be used for working capital.
Berjaya Corp Bhd remains Berjaya Auto's single largest shareholder post-listing with a 68% interest, followed by Yeoh with 7.1%.
Updated: Monday November 18, 2013 MYT 1:37:20 PM
Berjaya Auto aims double digit growth in the Philippines
BY JOHN LOH
KUALA LUMPUR: Mazda car retailer Berjaya Auto Bhd, which staged a solid debut on the Main Market of Bursa Malaysia on Monday, sees potential for double-digit growth in total industry volume in the Philippines from about 4% now, said CEO Datuk Yeoh Choon San.
Its Philippine operations, via 60%-owned Berjaya Auto Philippines, is already contributing to 5.2% of group sales despite starting only in January.
In the longer-term Berjaya Auto is targeting for revenue from the Philippines to grow to 15%-20% of group turnover, Yeoh told reporters after the listing ceremony.
The company is the sole importer and distributor of Mazda cars there.
He also said Typhoon Haiyan was unlikely to have a major impact on its business in the Philippines as the damage was limited to the Tacloban province.
Berjaya Auto opened with a premium of 85 sen, or 121%, to its IPO price of 70 sen at RM1.55, with a first trade of 2.32 million shares.
At mid-morning the stock was trading at RM1.90 after hitting a high of RM2.20, on volume of 42.66 million shares.
The IPO raised RM58mil from an offer for sale of 82.76 million shares. Most of the proceeds will be used for working capital.
Berjaya Corp Bhd remains Berjaya Auto's single largest shareholder post-listing with a 68% interest, followed by Yeoh with 7.1%.
Cals- Administrator
- Posts : 25277 Credits : 57721 Reputation : 1766
Join date : 2011-09-08
Location : global
Comments : “My plan of trading was sound enough and won oftener that it lost. If I had stuck to it Iâ€
d have been right perhaps as often as seven out of ten times.â€
Stock Exposure : Technical Analysis / Fundamental Analysis / Mental Analysis
Similar topics» N2N Connect eyes double-digit growth
» Highlight XiDeLang targets double digit growth in FY14
» MAHB sees double-digit growth on stronger traffic
» Government confident of double-digit growth for mining sector
» Malaysia's June manufacturing records double-digit growth
» Highlight XiDeLang targets double digit growth in FY14
» MAHB sees double-digit growth on stronger traffic
» Government confident of double-digit growth for mining sector
» Malaysia's June manufacturing records double-digit growth
Page 1 of 1
Permissions in this forum:
You cannot reply to topics in this forum|
|
|