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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