TY-LED conglomerate GT Capital Holdings, Inc. said on Wednesday its Board of Directors has approved the acquisition of a 20 percent stake in Sumisho Motor Financing Corp. (SMFC) for P380 million as the company forays into micro-financing.
GT Capital will acquire 2 million SMFC common shares for P94.98 apiece from Philippine Savings Bank and another 2 million shares from PS Bank Retirement Fund for a total of 4 million SMFC shares.
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