After getting bulk of the stake in Charter Ping An Insurance Corp. some time in 2013, GT Capital Holdings Inc. said that it has bought out the remaining stake in the nonlife insurance firm.
A disclosure to the Philippine Stock Exchange on Tuesday showed that the Georgy Ty-led GT Cap has completed the 100-percent acquisition of Charter Ping An.
Specifically, GT Capital purchased 1.7 million common shares of Charter Ping An, amounting to P712 million.
The acquisition represents the remaining 33.3 percent of the nonlife insurance firm’s outstanding capital stock, the selling shareholder of which was First Metro Investment Corp. (FMIC), the investment-banking arm of Metropolitan Bank and Trust Co. (Metrobank).
In October 2013, GT Capital acquired 66.7 percent of Charter Ping An’s outstanding capital stock, which caused the listed holding firm as much as P1.4 billion.
“The full consolidation of Charter Ping An creates synergies and comes at an opportune time when the country’s nonlife insurance industry expects growth in key sectors such as financial services, property, and auto,” GT Capital President Carmelo Maria Luza Bautista said.
For his part, FMIC President Roberto Juanchito Dispo said that the sale of the FMIC-owned Charter Ping An shares to GT Capital is in line with its investment divestment and capital raising strategy to comply with Basel III requirements.
Charter Ping An currently operates 19 branches nationwide and maintains a sales force of more than 700 agents.