Some business expansion-related news. Sime Darby Motors (SDM) is set to increase its presence in Australia – the company, which already distributes the Peugeot and Citroen brands and operates a Porsche dealership in the country, is in the process of acquiring its first BMW dealership there.
The deal will see SDM Australia taking a 70% stake in Brisbane BMW Group, comprising LMM Holdings and Brisbane BMW Unit Trust as well as 100% proprietorship rights of land and buildings owned by its shareholders, for a purchase consideration of AUD$80.7 million (RM238.4 million). The acquisitions are expected to be completed by end of February next year.
The Brisbane BMW Group currently has two BMW, one Mini and one Lamborghini dealerships, and the addition to the fold expands SDM’s footprint as a BMW distributor and dealer in the Asia Pacific region, where it already has a strong presence in eight countries.