Luxury car dealer HR Owen is planning to de-list from the London Stock Exchange now that it is majority owned by Berjaya Philippines Incorporated.

BPI bought a 71.19% stakeholding in HR Owen last year.

Bentley Motors is HR Owen's other remaining shareholder, with a 26.3% stake.

Both plan to support the de-listing. In order to comply with UK listings requirements a company must have at least 25% of its shares in public hands.

The proposal to de-list will be voted upon at HR Owen's annual general meeting in London on March 14.

BPI has offered to purchase the remaining 625,369 publicly held shares for 170 pence per share prior to the de-listing, after which the shares' liquidity and marketability are expected to suffer, it said.