BSP OKs transfer of 9.62% ownership stake in Metrobank to GT Capital

The Bangko Sentral ng Pilipinas (BSP) has approved the transfer of 9.62 percent ownership stake in Metropolitan Bank and Trust Company (Metrobank) to GT Capital Holdings Inc., the holding firm for tycoon George S.K. Ty.

In a filing on Monday, Metrobank disclosed that the Monetary Board – the policy-setting body of the BSP – approved the transfer of 306 million Metrobank shares to GT Capital.

The shares were transferred to GT Capital by the following entities:

• Horizon Royale Holdings Inc. –  88,478,681 shares or 2.78 percent

• Grand Estate Property Corp.  – 63,523,155 shares or 2.00 percent

• Inter-Par Philippines Resources Corp. 40,851, shares 039 or 1.28 percent

• Ausan Resources Corp.  46,009,171 shares or 1.45 percent

• Global Treasure Holdings Inc. 47,118,120 shares or 1.48 percent

• Philippine Securities Corp. 20,019,834 shares or 0.63 percent

The Metrobank shares were priced at P80.7878 per share for a gross transaction value of 24.721 billion, which will be paid in cash.

"GT Capital secured a Fairness Opinion from an independent third party financial adviser on the basis it used for the determination of the purchase price- the 30-day volume weighted average price of GT Capital shares as of April 17, 2017," the company said.

The transaction is set to be consummated on or before April 28, 2017.

Metrobank and GT Capital were asked by the central bank to inform the regulator of the actual completion date of the proposed transfer of shares to GT Capital.

Metrobank is the second-largest universal bank in the Philippines, with total assets of P1.552 trillion as of end-2016. — Jon Viktor Cabuenas/VDS, GMA News