Mazda will take advantage of Itochu's local business knowledge, experience and network in South Africa. The company will be located in Midrand, South Africa.
16 Jan 2015 | 2147 Views | By Autocar Professional Bureau
Mazda Motor Corporation announced today that it has reached an agreement with Itochu Corporation (Itochu) to turn its new national sales company in South Africa into a joint venture.
Mazda established the new national sales company, Mazda Southern Africa (Pty) Ltd (MSA), with the aim of increasing sales and ...
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Mazda Motor Corporation announced today that it has reached an agreement with Itochu Corporation (Itochu) to turn its new national sales company in South Africa into a joint venture.
Mazda established the new national sales company, Mazda Southern Africa (Pty) Ltd (MSA), with the aim of increasing sales and strengthening the Mazda brand in South Africa. Operations began at the company in October 2014. MSA will carry out a third party allocation of new shares worth 30 million rand (approximately Rs 16 crore) to Itochu and form a joint venture company with the aim of further strengthening sales in South Africa.
The company will be located in Midrand area of South Africa. An expected capital of 100 million rand (approximately Rs 50 crore) will be raised for the same. Mazda contributes 70 percent of the capital structure of the company. The rest 30 percent is owned by Itochu.
Mazda has a long history in South Africa dating back to 1963 when the company first entered the market. At present, Mazda sells more vehicles in South Africa than in any other country on the African continent. With a focus on SKYACTIV models, MSA is expanding its line-up with the aim of increasing sales and further strengthening the Mazda brand.
Moving forward, Mazda will take advantage of Itochu's local business knowledge, experience and network in South Africa.
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