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Business

GT Capital sells 40% stake in Toyota Cubao to Mitsui

Neil Jerome C. Morales - The Philippine Star

MANILA, Philippines - Taipan George S.K. Ty’s investment firm GT Capital Holdings Inc. is partnering anew with Japan’s Mitsui & Co. for a local Toyota car dealership.

In a regulatory filing, GT Capital said it sold 45 million common shares or 40 percent of subsidiary Toyota Cubao Inc. to Mitsui for P298.7 million.

“We welcome the entry of Mitsui into Toyota Cubao, as it creates another strategic partnership that is anchored on Mitsui’s proven expertise and track record,” said GT Capital president Carmelo Maria Luza Bautista.

“This collaboration enables Toyota Cubao to further strengthen its position in the country’s auto dealership sector,” he added.

Mitsui develops a wide range of businesses in six core areas: metals; machinery and infrastructure; chemicals; energy; lifestyle; and innovation and corporate development.

Established in 1989, Toyota Cubao is one of the pioneering and leading Toyota dealerships in the Philippines. It exclusively sells and distributes Toyota vehicles, spare parts, and accessories, while also providing a full range of after-sales services.

With the transaction, GT Capital now controls 51.4 percent of Toyota Cubao while individual investors own 8.6 percent of the car dealer.

Mitsui owns 40 percent of the outstanding capital stock of another leading Toyota dealership in the country, Toyota Manila Bay Corp., controlled by GT Capital with a 60-percent stake.

GT Capital earlier announced it is taking advantage of the car dealership’s synergy with auto financing and non-life insurance product lines.

The conglomerate is into banking (Metropolitan Bank & Trust Co.), property (Federal Land Inc.), power generation (Global Business Power Corp.), automotive assembly and importation (Toyota Motor Philippines), life insurance (Philippine AXA Life Insurance), non-life insurance (Charter Ping An Corp.) and automotive distribution.

GT Capital allotted P50 billion for its capital expenditures this year, mostly to fund property and power projects. The capital spending will raise P10 billion from bonds, with an oversubscription option of up to P2 billion to cater to strong demand.

 

CAPITAL CAPITAL HOLDINGS INC CARMELO MARIA LUZA BAUTISTA CHARTER PING AN CORP FEDERAL LAND INC GLOBAL BUSINESS POWER CORP LIFE INSURANCE MITSUI TOYOTA TOYOTA CUBAO
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