Oct 03 2009 |
more articles from
|
ALJ acquires Sabanc stake in Toyotasa
JEDDAH - Sabanc Holding has completed the transfer of its shares in Toyotasa to Saudi Arabian Abdul Latif Jameel Co. Ltd. (ALJ) , the world's largest independent Toyota dealer. Sabanc had a 64.99 percent stake in Toyotasa, with the remaining share belonging to Toyota Motor Europe and Mitsui. The company received $84.9 million in return for its shares.ALJ is planning to sell a total of 50,000 vehicles in the next five years in Turkey and is aiming to become the leader in the Turkish domestic auto market by 2020.
Following the signing of the contract of sale, board member and CEO of the Saudi company Ali Haydar Bozkurt, Vice Chairman Rif Abou Richeh and ALJ Group CFO Sidhesh Kaul held a joint press conference in Istanbul on Wednesday evening. Bozkurt said ALJ has Toyota car sales operations in 12 countries, adding that the group's target is to reach an annual sale of 500,000 vehicles in the medium term.
The name of Toyotasa will be changed in a few months' time, Bozkurt said. "We want to increase the market share of Toyota's Turkey dealership from 6 percent to 10 percent as soon as possible," Bozkurt said.
ALJ 's investments will not be confined to the purchase of Toyota, he underlined, saying the company will soon introduce Toyota's luxury model Lexus to Turkish drivers. "We will be starting talks immediately with Toyota Motor Europe to bring the Lexus model to Turkey by 2010," Bozkurt noted.
Meanwhile, German new cars sales jumped once again in September in what might be a last hurrah also seen elsewhere in Europe as car scrapping premiums continued to turbo-charge the sector.
Zawya Comment Policy
-
Zawya encourages you to add a comment to this discussion. You agree that when you add content to this discussion your comments will not:
1.1 Contain any material which is libelous or defamatory of any person, is obscene, offensive, hateful or inflammatory or causes damage to the reputation of any person or organisation.
1.2 Promote sexually explicit material, violence, discrimination based on race, sex, religion, nationality, disability, sexual orientation or age or any illegal activity.
1.3 Be made in breach of any legal duty owed to a third party, such as a contractual duty or a duty of confidence.
1.4 Be threatening, abuse or invade another's privacy, or cause annoyance, inconvenience or needless anxiety.
1.5 Be used to impersonate any person, to misrepresent your identity or affiliation with any person, or be likely to deceive any person.
1.6 Give the impression that they represent Zawya.
1.7 Advocate, promote or assist any unlawful act such as (by way of example only) copyright infringement or computer misuse. - The content posted on www.zawya.com is created by members of the public. The views expressed are theirs and unless specifically stated are not those of Zawya. Zawya reserves the right to review all comments prior to posting and edit or delete any contribution, but Zawya is not responsible for and can not be held liable for any content posted by members of the public on www.zawya.com.
- Zawya is not responsible for the availability or content of any third party sites that are accessible through www.zawya.com. Any links to third party websites from www.zawya.com do not amount to any endorsement of that site by Zawya and any use of that site by you is at your own risk.
- By submitting your comment, you hereby give Zawya the right, but not the obligation, to post, air, edit, exhibit, telecast, webcast, re-use, publish, reproduce, use, license, print, distribute or otherwise use your comments worldwide, in perpetuity.
Copyright © 2012 Zawya Ltd. All rights reserved. |
provided by www.zawya.com |
Post Your Comment