KUALA LUMPUR (Nov 28): Mazda vehicles distributor Bermaz Auto Bhd has scrapped its plans to list its subsidiary, Bermaz Auto Philippines Inc (BAP), on the main board of the Philippine Stock Exchange.
In a filing to Bursa Malaysia this evening, Bermaz Auto said the decision was made after considering the current challenging automotive market conditions in the Philippines.
Bermaz announced its plans to float BAP two years ago, on Dec 8, 2016. At the time, the rationale given was that the listing would unlock shareholders value in BAP, and to provide a transparent valuation benchmark for the Mazda automotive business of Bermaz Auto in the Philippines.
At market close today, Bermaz shares rose 2 sen or 0.95% to settle at RM2.13, giving it a market capitalisation of RM2.47 billion.