Oct 11 2009 |
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ALJ buys 65% of stake in Toyotasa
JEDDAH: Abdul Latif Jameel (ALJ) Group, the largest independent distributor of Toyota vehicles in the world, has purchased 65 percent of shares in Toyotasa (Toyota Sabanc? Pazarlama) from Sabanc? Holding, the Saudi company announced on Saturday in a press statement."Turkey, with a GDP (gross domestic product) of about $800 billion and a population of about 72 million people, is a market nobody can afford to ignore," said ALJ President Mohammed Jameel following the purchase.
The passenger car and light commercial vehicle market in Turkey reached to 600,000 units. Toyota's market share stands at about six percent. The country has traditionally served as the gateway to Europe and has a relatively young population with an average age of 29 years.
The group already had a small presence in the Turkish markets for the last decade through the ownership of the Daihatsu distributorship and with this recent acquisition of the Toyota distributorship in Turkey, ALJ is poised to make a mark on the Turkish automotive sector in a significant way.
ALJ is also planning to expand its investments with increased Daihatsu distribution and hopes to introduce the Lexus brand to the Turkish market next year.
"Even while the group was preparing for the takeover of the business, ALJ executives were busy setting the groundwork for a substantial community services program infrastructure in Turkey," the statement said.
"We are in Turkey for the long run and, as a responsible conglomerate, it is our duty to ensure that we contribute to Turkish society and the Turkish people in more ways than one," said Jameel.
© Arab News 2009
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