The San Miguel brand is best known for its food and beverage business. Most notable among its roster of products is its world-famous San Miguel Beer, which has been a part of our lives for decades. Now, San Miguel Corporation will venture into a new territory—automobiles.
In a document sent to the Philippine Stock Exchange’s (PSE’s) Disclosure Department, San Miguel Corporation announced the incorporation of SMC Asia Car Distributors Corporation. The new company will hold a majority stake in BMW Philippine distributor Asian Carmakers Corporation, which is owned by parent company Columbian Group of Companies, under the leadership of Mr Jose Alvarez.
Under the new setup, SMC Asia Car Distributors Corp wil hold a controlling 65% share while Alvarez will keep the remaining 35%. The San Miguel group will take care of importation, distribution, and servicing of BMW vehicles in the country. Apart from this, no further details were revealed about the said deal.
Asian Carmakers Corporation has been the official BMW importer and distributor since 2000. It later became known as ACC-BMW in 2009, after BMW Philippines decided to let the Columbian Group of Companies take over the reins. Today, BMW is the best-selling luxury brand in the country. It should be interesting to see how the new venture will perform in the coming years..
