GT CAPITAL Holdings, Inc., the holding company for tycoon George S.K. Ty’s businesses, is raising its stake in mass housing developer Property Company of Friends, Inc. (PCFI) starting this year.
GT Capital President Carmelo Maria Luza Bautista said in a mobile phone message last week the conglomerate will exercise its option to increase its direct ownership in the real estate firm to 51%.
“The plan is to increase first to 42% within the first half of the year and then to 51% by the first quarter of next year,” Mr. Bautista said.
In August last year, GT Capital signed an agreement to acquire 22.68% of PCFI for P7.24 billion, subject to closing conditions, with an option to boost its stake to 51% within the next three years.
Profriends Group, Inc., which was planning on undertaking a P7.7-billion initial public offering (IPO), owns 98.51% of the issued and outstanding capital of PCFI, an affordable housing firm.
Asked if PCFI will pursue the IPO, Mr. Bautista said: “Not in the near future.”
Based on its previous filing, Profriends was planning to sell 385.750 million primary common shares, representing 11% of the company’s outstanding capital stock, at maximum price of P20 apiece to finance the development of its projects and land banking initiatives.
Profriends obtained the approval of the Securities and Exchange Commission (SEC) to launch the equity offering, but failed to secure the go-signal from the Philippine Stock Exchange (PSE).
Profriends had tapped First Metro Investment Corp. (FMIC) as its underwriter for the IPO. FMIC is the investment banking arm of Metropolitan Bank & Trust Co., which is part of GT Capital.
PCFI netted P2.1 billion last year after booking P7 billion in total revenues. GT Capital started consolidating its financial performance in September.
“GT Capital’s recent acquisition of PCFI further expands the group’s range of products and market presence in the property development sector,” Federal Land, Inc. Chairman Alfred V. Ty said in a statement last week.
Aside from Federal Land and Metrobank, GT Capital has interests in Toyota Motor Philippines Corp.; Toyota Manila Bay Corp.; Toyota Cubao, Inc.; Toyota Financial Services Philippines Corp.; Global Business Power Corp.; Philippine AXA Life Insurance Corp.; and Charter Ping An Insurance Corp.
The conglomerate reported a 32% uptick in bottomline to P12.1 billion last year from P9.2 billion in 2015, driven by the strength of its automotive and power generation businesses.
Shares in GT Capital added P16 or 1.12% to close at P1,450 each last Wednesday.
“The plan is to increase first to 42% within the first half of the year and then to 51% by the first quarter of next year,” Mr. Bautista said.
In August last year, GT Capital signed an agreement to acquire 22.68% of PCFI for P7.24 billion, subject to closing conditions, with an option to boost its stake to 51% within the next three years.
Profriends Group, Inc., which was planning on undertaking a P7.7-billion initial public offering (IPO), owns 98.51% of the issued and outstanding capital of PCFI, an affordable housing firm.
Asked if PCFI will pursue the IPO, Mr. Bautista said: “Not in the near future.”
Based on its previous filing, Profriends was planning to sell 385.750 million primary common shares, representing 11% of the company’s outstanding capital stock, at maximum price of P20 apiece to finance the development of its projects and land banking initiatives.
Profriends obtained the approval of the Securities and Exchange Commission (SEC) to launch the equity offering, but failed to secure the go-signal from the Philippine Stock Exchange (PSE).
Profriends had tapped First Metro Investment Corp. (FMIC) as its underwriter for the IPO. FMIC is the investment banking arm of Metropolitan Bank & Trust Co., which is part of GT Capital.
PCFI netted P2.1 billion last year after booking P7 billion in total revenues. GT Capital started consolidating its financial performance in September.
“GT Capital’s recent acquisition of PCFI further expands the group’s range of products and market presence in the property development sector,” Federal Land, Inc. Chairman Alfred V. Ty said in a statement last week.
Aside from Federal Land and Metrobank, GT Capital has interests in Toyota Motor Philippines Corp.; Toyota Manila Bay Corp.; Toyota Cubao, Inc.; Toyota Financial Services Philippines Corp.; Global Business Power Corp.; Philippine AXA Life Insurance Corp.; and Charter Ping An Insurance Corp.
The conglomerate reported a 32% uptick in bottomline to P12.1 billion last year from P9.2 billion in 2015, driven by the strength of its automotive and power generation businesses.
Shares in GT Capital added P16 or 1.12% to close at P1,450 each last Wednesday.
Source: Business World
