Jul. 28. 2015
Marubeni Corporation (“Marubeni”) is pleased to announce that it has made an affiliate of Pilipinas Hino Inc. (“PHI”), official distributor of Hino Motors, Ltd. (“Hino”) in the Philippines, through the purchase of an additional 5% share in PHI.
Since 1975, Marubeni has held a 15% share in PHI and has engaged in the sales of Hino trucks and buses in the Philippines together with Hino and local partner Professional Managers, Inc. (“PMI”). By acquiring an additional 5% share from PMI, Marubeni will become a 20% shareholder of PHI. Marubeni will accordingly send one full-time director to PHI and together with Hino, which also increased its share to 70%, and PMI, set out to further enhance the revenue base of PHI.
In line with this change in shareholder composition, the corporate name of PHI will be changed to Hino Motors Philippines Corporation (“HMP”).
The Philippine commercial vehicle market has been showing growth which is expected to continue into the future. Marubeni will utilize its expertise built over its years of business experience in Philippines by participating in the management of HMP and contribute to the continuous growth of HMP as a partner of Hino.
Outline of HMP
|Corporate name||: Hino Motors Philippines Corporation|
|Address||: Industrial Park Road, Canlubang Industrial Estate, Canlubang
Calamba City, Laguna, Philippines, 4027
|Foundation||: March 1975|
|President||: Mr. Hiroshi AOKI|
|Capital||: PHP 900 million|
|Shareholder||: Hino 70%, Marubeni 20%, PMI 10%|
|Principal business||: Importation, assembly, sales, and body building of Hino trucks
buses and spare parts