GT Capital buys 28.3% more equity in Pro-Friends for P8.76 billion

GT Capital Holdings Inc. (GT Capital) has subscribed to an additional 28.3 percent equity stake in Property Company of Friends Inc. (Pro-Friends) for P8.76 billion, GT Capital said on Friday.

The additional subscription is in line with the agreement between the companies on August 6, 2015.

This increases GT Capital’s economic stake in Pro-Friends from 22.7 percent to 51.0 percent.

With GT Capital's initial subscription of 22.7-percent stake in Pro-Friends, the property developer's principal shareholder ceded control of the company in favor of GT Capital.

Since then, the financial statements of Pro-Friends have been fully consolidated into GT Capital.

“Our increased investment into Pro-Friends is in line with our intention to expand GT Capital’s property product offerings, ranging from Federal Land’s upper-mid end developments to Pro-Friends’ affordable residential and mixed-use communities," GT Capital Co-Vice Chairman and Pro-Friends Chairman Alfred V. Ty said.

Pro-Friends’ flagship and largest project, Lancaster New City, spans the cities of Gen. Trias, Kawit, and Imus in Cavite province.

Pro-Friends President Guillermo C. Choa said the demand for affordable property continues to outstrip supply, noting the situation is underpinned by the growing Philippine economy. – VDS, GMA News