Listed conglomerate GT Capital Holdings Inc. has acquired a stake in Toyota Manila Bay Corp. (TMBC) for a total investment cost of P502.25 million.
A disclosure to the Philippine Stock Exchange showed on Thursday that GT Capital acquired 101.9 million common shares of TMBC at a fixed price of P4.93 per share or a total of P502.25 million.
“GT Capital’s objective is to increase its direct ownership in TMBC to 60 percent by the first quarter of next year, inasmuch as the dealership shall significantly contribute to the high level of business synergies within the GT Capital group, particularly with our auto-financing and non-life insurance product lines,” GT Capital President Carmelo Maria Luza Bautista said.
The acquisition represents 40.7 percent of the Toyota vehicle dealership’s outstanding capital stock. Mitsui and Co. Ltd. of Japan and First Metro Investment Corp. own the remaining 40 percent and 19.3 percent of the TMBC’s shares, respectively. TMBC exclusively sells and distributes Toyota vehicles, spare parts, and accessories. The dealership also provides after-sales service such as periodic maintenance, and both minor and major vehicle repairs.
As of the end of 2012, TMBC sold the most number of Toyota vehicles in the Philippines, accounting for 10 percent of all units sold in the country under the brand.
GT Capital acquired earlier this year an additional 15-percent stake in Toyota Motor Philippines Corp. from its banking arm Metropolitan Bank and Trust Co. The acquisition cost stood at P4.5 billion.
After the transaction, GT Capital’s stake in Toyota increased to 51 percent.