GT Cap buys into property arm

GT Capital Holdings Inc., the investment holding company of tycoon George Ty, has bought into its property arm Federal Land Inc., subscribing to the latter’s approximately P1.1-billion worth of shares.

In a disclosure to the Philippine Stock Exchange, GT Capital reported that it has executed a subscription agreement with Federal Land to acquire 11 million common shares of the real-estate firm’s authorized capital stock for an aggregate consideration of P1.1 billion. No further details were disclosed.