| Thu 23 Oct 2008, 17:00 | | BAW/BAWP - Barloworld - Subaru Southern Africa (Pty) Ltd Joint Venture |
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BAW BAWP
BAW
BAW/BAWP - Barloworld - Subaru Southern Africa (Pty) Ltd Joint Venture
Barloworld Limited
(Incorporated in the Republic of South Africa)
(Registration number 1918/000095/06)
(Share code: BAW)
(ISIN: ZAE000026639)
(Share code: BAWP)
(ISIN: ZAE000026647)
("Barloworld")
Subaru Southern Africa (Pty) Ltd Joint Venture
Press Release
Barloworld and Toyota Tsusho Corporation are pleased to announce that Toyota
Tsusho Corporation (Japan) and its subsidiary Toyota Tsusho (Africa), have
effectively acquired a 50% shareholding in Subaru Southern Africa (Pty) Ltd
which was previously 100% held by Barloworld.
Effective 1st November 2008, shareholding in Subaru Southern Africa will be
Barloworld 50%, Toyota Tsusho Corporation (Japan) 30%, and its local subsidiary
Toyota Tsusho (Africa) 20%.
Subaru Southern Africa is responsible for the wholesaling of Subaru vehicles and
parts in South Africa and neighbouring countries. It currently wholesales some
2000 new Subaru vehicles annually. It is part of Barloworld Automotive, a
division of Barloworld Limited which is a South African based company with its
primary listing on the JSE Limited. Barloworld Automotive provides its customers
with a range of integrated motor vehicle usage solutions. In addition to its
Subaru wholesale business, Barloworld Automotive has established motor retail
operations in South Africa, Botswana and Australia. Other interests include Avis
car rental in southern Africa as well as Avis and Budget car rental in
Scandinavia. It operates a leading fleet services business under the Avis banner
in southern Africa. Barloworld Automotive has leading empowerment joint ventures
in its motor retail, car rental and fleet services business units.
Toyota Tsusho Corporation is based in Nagoya city, Japan, and its local
subsidiary, Toyota Tsusho Africa is based in Johannesburg, South Africa. In 2000
Toyota Tsusho established a company in South Africa to conduct the general
management of its business operations in Africa. The importation of Subaru
vehicles was facilitated by the former Tomen Corporation from 1992. The Tomen
Corporation merged with Toyota Tsusho in 2006.
Subaru Southern Africa has its headquarters in Johannesburg, South Africa.
Hylton Bannon, a representative of Toyota Tsusho Africa, is happy to confirm the
establishment of the joint venture which will ensure closer collaboration
between the parties. "The Subaru brand has done well under Barloworld and it was
always our intention to enter the market on a more direct basis at the
appropriate time. We are committed to strengthening the dealer network and brand
penetration in the region".
The Subaru brand has continued to gain prominence in the South African market
since its introduction. Unique and reliable vehicles ensure that Subaru has
always enjoyed a committed and loyal customer base which is steadily expanding
on the introduction of new models with broad appeal. Fuji Heavy Industries (FHI)
manufacturers of Subaru sold approximately 597000 vehicles on a worldwide basis
for the period ending March 2008.
The Subaru brand is well known for its high profile STI and WRX Impreza vehicles
and motor vehicle rallying profile. It also enjoys growing support for its other
models including the very popular Forester. All models are unique in the sense
that all are equipped with symmetrical all wheel drive and boxer engines as
standard, offering superior levels of safety and drivability.
Martin Laubscher, CEO Barloworld Automotive stated as follows. "I am pleased
that Toyota Tsusho has the confidence to enter the South African market and
believe that their participation will enhance the strength of the brand, benefit
the dealership network as well as our customers. We have been working towards
this transaction for some time now. It indicates Toyota Tsusho`s belief in our
country and I look forward to Subaru`s growing success in southern Africa".
Effective 1st November 2008, Mr. Furusawa, a representative of Toyota Tsusho
Corporation, will be appointed as Managing Director of the business. Mr.
Furusawa has extensive work experience on the African continent.
Roland Egger, currently the Managing Director of the business will hand over the
reins as soon as practically possible.
"I believe that this transaction aligns Subaru Southern Africa with our global
partners. The company is well positioned to expand on the solid base we have
built over the past years and to take the Subaru brand in southern Africa to
higher levels" concluded Roland Egger.
Issued by:
Name: Roland Egger
Position: Managing Director
E-mail: roland.egger@barloworldmotor.com
23 October 2008
Sponsor:
J.P. Morgan Equities Ltd
Date: 23/10/2008 17:00:11 Produced by the JSE SENS Department.
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