Mazda Motor Corporation has announced that its South African subsidiary, Mazda Southern Africa (Pty) Ltd., will form a joint venture company with Itochu Corporation. Mazda Southern Africa (Pty) Ltd. was established in July 2013 and began its operations in October 2014.
Mazda Southern Africa (Pty) Ltd. will allocate 30% shares (worth 30 million rand) to Itochu Corporation to form the joint venture. The Japanese automaker will benefit from the local busienss knowledge, experience and network of Itochu in South Africa. South Africa is the company’s biggest market in the African continent.
More information is available in the press release below.
Mazda Agrees with Itochu to Make Its New National Sales Company in South Africa a Joint Venture – Press Release
HIROSHIMA, Japan—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 300 million yen) to Itochu and form a joint venture company with the aim of further strengthening sales in South Africa.
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. The company aims to enrich the lives of people in the country and become a brand that builds a strong bond with its customers.
[Outline of the national sales company in South Africa after becoming a joint venture company]
|Company name:||Mazda Southern Africa (Pty) Ltd.|
|Location:||Midrand, Republic of South Africa|
|Capital:||100 million rand (approximately 1 billion yen)|
|Capital structure:||70% Mazda, 30% Itochu|
|Vehicle line-up:||Mazda2 (Demio in Japan), Mazda3 (Axela), Mazda5 (Premacy), Mazda6 (Atenza), Mazda MX-5 (Roadster), Mazda CX-5 and Mazda BT-50|