GT capital ups stake in Toyota Motor to 51%

GT Capital Holdings Inc. of banking taipan George S.K. Ty on Thursday completed the acquisition of an additional 15-percent stake in carmaker Toyota Motor Philippines Corp. for P4.5 billion.

 

In a disclosure to the Philippine Stock Exchange, GT Capital said it acquired 2.32 million common shares of TMP from Metropolitan Bank & Trust Co., bringing its total shareholdings in the Japanese carmaker to 51 percent.

 

GT Capital and its controlling shareholder recently raised P14.3 billion (roughly $350 million) from a top-up placement and secondary offering – the largest overnight equity deal carved out of the Philippines.

 

The order book was more than three times covered, attracting nearly 100 participants.

 

Apart from Toyota Motor, diversified GT Capital has exposures in Metrobank, Federal Land, Global Business Power Corp.,  and Philippine AXA Life Insurance – a joint venture with the AXA Group, one of the world’s largest life insurers. — VS, GMA News