BAuto proposes name change to Bermaz Auto

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KUALA LUMPUR (Aug 3): Bejaya Auto Bhd (BAuto) has proposed to change its name to Bermaz Auto Bhd, which has been approved and reserved by the Companies Commission of Malaysia (CCM) on July 15, 2016.

The proposal is subject to the approval of the company's shareholders at its forthcoming annual general meeting, BAuto told Bursa Malaysia in a filing today.

"If approved by the shareholders, the name change will take effect from the date of the certificate of incorporation on change of name to be issued by the CCM," it said.

On April 12, 2016, Berjaya Corp Bhd (BCorp), controlled by tycoon Tan Sri Vincent Tan, was looking to dispose of 21.88% equity interest in BAuto to a special purpose vehicle (SPV) controlled by key members of the Mazda distributor's management, including its chief executive officer Datuk Seri Ben Yeoh Choon San, for RM526.26 million or RM2.10 per BAuto share.

Upon completion of the proposed disposal, BCorp would cease to be a direct shareholder of BAuto, but will hold a 33.33% stake only in the SPV.

BAuto is involved in distributing and retailing Mazda vehicles, and providing after-sales service under its wholly-owned subsidiaries Bermaz Motor Sdn Bhd and Bermaz Motor Trading Sdn Bhd.

BAuto closed two sen or 0.86% lower at RM2.31 for a market capitalisation of RM2.6 billion.