PCC OKs GT Capital, Toyota Santa Rosa partnership

MANILA, Philippines — GT Capital Holdings Inc. (GT Capital), the listed conglomerate founded by the late tycoon George Ty, has received the green light from the Philippine Competition Commission for its joint venture partnership with Toyota Santa Rosa Laguna Inc.

The PCC, the government’s anti-trust body, approved GT Capital’s purchase of shares in Toyota Santa Rosa Laguna Inc., in partnership with Toyota Corolla Sapporo Philippines or TCSPHI.

In a disclosure yesterday, GT Capital said the PCC has resolved to take no further action on the proposed transaction. GT Capital received the letter from the PCC last Oct. 9.

Under the plan, GT Capital through its subsidiary GT Capital Auto Dealership Holdings Inc. (GTCAD) and TCSPHI will acquire 100 percent of Toyota Santa Rosa Laguna. TCSPHI is a wholly owned subsidiary of Toyota Corolla Sappporo Corp. Ltd. of Japan.

Following the transaction, Toyota Santa Rosa Laguna will be 60 percent owned by GTCAD and 40 percent owned by TCSPHI. Toyota Santa Rosa is the flagship dealer of the Japanese brand in South Luzon.

Last July, GT Capital also announced that it was expanding into the used car inspections and warranty business as part of its adjustments to the new business environment brought about by the pandemic.

The expansion is a joint venture with Mitsui & Co. and was done through GTCAD as well.

“GT Capital will invest, through GTCAD in a used car inspection and warranty business with Premium Group of Japan, to be established through GT Mobility Ventures Inc. (GTMV), a joint venture with Mitsui & Co. and GTCAD as shareholders,” GT Capital said.

GTCAP’s subsidiaries are Federal Land, Toyota Motor Philippines Corp, Toyota Manila Bay Corp. and GT Capital Auto Dealership Holding. Inc.

The company also has significant shareholdings in Metrobank, Metro Pacific Investments Corp., Philippine AXA Life Insurance Corp., Toyota Financial Services Philippines Corp. and Sumisho Motor Finance Corp.

Earlier, GT Capital’s Toyota Financial Services Philippines also launched Kinto One, a new mobility service which seeks to address continuously changing customer demands.

Kinto is essentially a full service lease package with no down payment required. The fixed monthly subscription already covers vehicle registration, annual comprehensive insurance, and regular periodic and preventive maintenance.