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Ty-led holding firm readies P24-B IPO

Posted on February 06, 2012 11:10:59 PM [ BusinessWorld Online ]

TAIPAN GEORGE S. K. Ty’s investment firm GT Capital Holdings, Inc. plans to hold an initial public offering worth up to P24.648 billion to mostly bank roll property development projects and pay off old debts, a filing showed.

The firm behind Metropolitan Bank & Trust Co. and Federal Land, Inc. has applied for the Securities and Exchange Commission’s approval for the listing debut of up to 41,217,300 common and preferred shares, with an over-allotment option of over six million more common shares all priced at a maximum of P520 apiece according to the initial prospectus.

Of this, 33 million will be newly issued shares while 8,217,300 existing shares will be sold by stockholders Ausan Resources Corp., Grand Titan Capital Holdings, Inc. and Titan Resources Corp.

The company has tapped the UBS AG as its sole international bookrunner and lead manager, and has appointed First Metro Investment Corp. domestic bookrunner and lead underwriter.

The offer period was not yet specified as were estimates for the net proceeds.

The prospectus detailed, however, the proposed use of the funds with a bulk or P6.16 billion intended for “key growth projects” of Federal Land such as the Grand Hyatt Project, Marco Polo Residences, and Metropolitan Park.

GT Capital Holdings owns 80.0% of Federal Land, which develops residential and commercial projects primarily in Metro Manila and its periphery.

As much as P4 billion, meanwhile, could be used for the “repayment of existing indebtedness of GT Capital Holdings,” the prospectus stated.

Up to P1 billion is also being eyed to acquire 4.587% of Global Business Power Corp. which controls plants in the Visayas.

The local bourse has yet to approve the offering. -- Cliff Harvey C. Venzon
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