GT CAPITAL EXPANDS STAKE IN TOYOTA DEALERSHIP

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Tycoon George Ty-led conglomerate GT Capital Holdings Inc. (GTCap) has expanded its Toyota vehicle dealership with the acquisition of a major stake in Toyota Cubao, Inc. (TCI). TCI exclusively sells and distributes Toyota vehicles, spare parts, and accessories. In a filing with the Philippine Stock Exchange, GT Cap disclosed its purchase of a majority stake in TCI, the second acquisition deal that the company has sealed this month. GT Capital Holdings, Inc. (GTCAP) said on Tuesday it acquired 62.4 million common shares of TCI at a fixed price of P4.99 per share for a total of P311.5 million. The acquisition represents 79.84 percent of Toyota vehicle dealership’s outstanding capital stock.

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