Two major car importers to merge
Two major car dealerships are to merge, bringing under one company the importation of Alfa Romeo, Fiat, Hyundai, Iveco, Jeep, Kia, Opel, SAAB and DFM cars.
The merger involves Pater Holding Co Ltd and Cars International Ltd (a co-owned company between Tum Invest Ltd and United Group Ltd). They will merge the automotive dealership operations of Cars International Ltd, UCIM Co. Ltd, Meridian Enterprises Co. Ltd. and Waldorf Auto Services Co. Ltd. in a new joint-venture operation.
The new company, which will be equally owned between Pater Holding Co Ltd, Tum Invest Ltd and United Group Ltd.
An application has been submitted to the Office for Competition to approve the deal.
“We are confident that the new company will provide greater customer choice and benefits, as well as provide employees with increased personal and professional growth opportunities, ingredients that are expected to lead to the consolidation and market expansion of the organization”, a spokesperson said.