FMIC, Japan's ORIX sign Global Business share sale agreement

Japan's ORIX Corp. is buying 200 million shares of Global Business Power Corp. for P7.15 billion, First Metro Investment Corp. said Thursday.

 

"The signing of the share sale and purchase agreement represents a significant step in pursuing Global Business Power's strategy,” said Francisco Sebastian, FMIC chairman.

 

“We believe that ORIX will provide the company with strong, well-financed strategic partner that will contribute to its future growth," he added.

 

FMIC, the investment arm of Metropolitan Bank & Trust Co. (Metrobank), noted that proceeds from the share sale will support Metrobank in raising funds to meet requirements of Basel III starting Jan. 1, 2014.

 

FMIC, Metrobank and Global Business are all units of the Metrobank Group.

 

The 200 million shares Orix is buying from FMIC is equivalent to a 20 percent stake in Global Business—Metrobank Group's power generating business. 

 

Once the transaction is complete, FMIC would own 29.11 percent of Global Business with GT Capital Holdings Inc.—parent of the Metrobank Group—holding 50.89 percent. 

 

GBPC is an independent power producer in the Visayas, which owns and operate nine power plants with a combined installed capacity of 627 megawatts.

 

ORIX is an integrated financial services group providing products and services to corporate and retail customers in Japan and around the world. — VS, GMA News