The shakeup in Panama auto distributorships continues with the announcement that the Japanese group  ITOCHU Corporation is now the majority shareholder in Ricardo Pérez S.A, the Toyota car distribution company in Panama.

The amount of the transaction is unknown but was agreed between Grupo Corporativo Pérez and the giant Asian emporium that has business divisions that include machinery, electronics, chemicals, and aerospace.

On Monday, April 13  the Panamanian group confirmed the information, explaining that although ITOCHU Corporation will have a majority stake in the distribution and sale of the brands of Toyota Motor in Panama, Ricardo Pérez will continue to be part of the business.

“ITOCHU Corporation considers Ricardo Pérez as the best strategic partner to materialize its vision in Panama and become a reference in Latin America," said a statement from the Panamanian company.