The Philippine STAR reports that The Ayala Group is set to acquire a 65 percent stake in Columbian Autocar Corporation (CAC), the exclusive distributor of Kia vehicles in the Philippines. The agreement which is expected to be concluded within 60 days makes Ayala the distributor of the Korean automotive brand.

CAC Chairman Jose “Pepito” Alvarez will continue to hold a 35 percent stake in the company, a move that mirrors the deal he made with San Miguel Corporation when he sold off the rights to import and distribute BMW.

According to the report, Ayala “made a better deal” and beat the offers of Davao-based businessman Dennis Uy and businessman Salvador “Buddy” Zamora. Ayala is said to have received the blessing of Kia Motor’s regional headquarters.

The report also indicates as to why Alvarez has been selling his automotive businesses left and right:

Alvarez, at present, spends most of his time attending to his gubernatorial duties in Palawan. Industry sources said he decided to sell both the BMW and Kia brands so he no longer has to oversee the transition of his vehicle business to electric vehicles from the normal gasoline.

Currently though, he still holds the distributorship to Peugeot and Mahindra.

Source: The Philippine STAR