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GT buys all shares of Federal Land

Posted May 4th, 2012 by Jenniffer B. Austria
[ manilastandardtoday.com ].

GT Capital Holdings Inc., the newly listed holding firm of tycoon George Ty, has acquired more shares in property firm Federal Land Inc. worth P2.7 billion to make it a wholly-owned subsidiary.

GT Capital said in a disclosure to the stock exchange it had purchased another 20 million common shares in Federal Land. This increased its stake in the property firm to 100 percent from 80 percent.

The company used the proceeds from the recently concluded initial public offering to finance the acquisition of additional shares in Federal Land.

GT Capital, the first company to conduct IPO this year, raised P21.5 billion in proceeds from the listing of 47.4 million shares including overallotment shares.

GT Capital also purchased additional 22.52 million shares, which is equivalent to 4.6-percent stake in energy arm Global Business Power Corp. on Wednesday.

The transaction, valued at P890 million, increased GT Capital stake in the Visayan power producer to 39 percent from 34.4 percent.

GT Capital also has investments in Metropolitan Bank and Trust Co., Toyota Motor Philippines Inc. and Philippine AXA Life Insurance Corp.

The group has expressed interest in bidding for the privatization of the Bohol airport and government power projects in Visayas and Mindanao, including the 600-megawatt geothermal Unified Leyte power project.

GT Capital president Carmelo Maria Bautista earlier reported that all five operating units of the company showed very encouraging results in the first quarter of the year.

Federal Land reported reservation sales of P3.8 billion in the first quarter, up 113 percent from the same period last year while Toyota Motor Philippines Corp., sold 12,645 units during the same period for a 38.8-percent market share.

(Published in the Manila Standard Today newspaper on /2012/May/04)
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