Grupo Poma Acquires Financiera Automotriz

The acquisition of FASA, which owns Panamotor, Bavarian Motors, Hertz, Infiniti, MINI and Lifan, will be completed in two months after the relevant corporate approvals.

An article in Prensa.com notes that "FASA closed last quarter of its fiscal year in September with revenues of $218.9 million, an increase of 15.6% compared to the previous fiscal year, which amounted to $189.3 million, as explained in the Annual Update Report. Its net profit was $20 million, an increase of 149%, but this was due to non-recurring income from the sale of land that gave the group $10.2 million. Without this gain, they would have had a net income of $10.8 million, 34.7% more than in fiscal year 2010. FASA has about 3.8 million worth of issued and outstanding shares, which yesterday closed at 24 dollars on the Panama Stock Exchange, 75 cents less than their value in September when news of the transaction became known. "

Source: Prensa.com

More on this topic

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May 2008

Financiera Automotriz (Fasa), owner of Nissan, BMW and Renault distributorships in Panama, registered a net profit of US$6 million in the first six months of the fiscal year, a 35.4 percent year-on-year increase.

But Fasa, which also has operations in Guatemala and Costa Rica, saw revenues drop over the period by 5 percent to US$107 million.

Excel adds Renault Costa Rica to auto portfolio

April 2008

Excel Automotriz, Central America's leading automobile distributor, has acquired Renault Costa Rica to add to its portfolio of 15 brands in the region.

The deal follows nearly a year of talks between El Salvador-based Excel and Renault Costa Rica's previous owners, Grupo Financiera Automotriz S.A. (FASA).

Grupo Ficohsa Acquires Banco Americano

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Grupo Financiero Ficohsa has signed an agreement to acquire 90% of the shares of Banco Americano SA, a bank that has been operating in the Guatemalan financial system since 1995.

A press release from Grupo Financiero Ficohsa states:

The formalization of the transaction is subject to approval by the Guatemalan Superintendency of Banks in accordance with the Regulations for the acquisition of shares approved by the Monetary Board.

Excel Automotive Expands in Panama

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The Panamanian car distributor, Excel Automotive, opened its third branch in the country.

According to Laestrella.com.pa, "Excel is the automotive division of Grupo Poma of El Salvador and it acquired the Mitsubishi distributorship in Panama."

The manager of the automotive company, Ricardo Cuellar told the media: "We have decided it is time to begin to grow and we are taking a step toward what will be sustained growth with this third branch."