LISTED GT Capital Holdings Inc. is looking to spend P4.5 billion on strategic acquisitions next year, a company official said.
In an interview last week, GT Capital chief finance officer Francisco Suarez Jr. told reporters that the amount represents the remaining proceeds from its recent listing of preferred shares on the Philippine Stock Exchange (PSE).
The company listed P12 billion worth of preferred shares in October and Suarez said GT Cap has already spent P7.5 billion of the proceeds to pay outstanding debts. He said the remaining P4.5 billion will be used for “strategic acquisitions.”
“We disclosed in our prospectus that we intend to spend that in acquisitions, strategic acquisitions,” Suarez said. “And we further mentioned that we will invest that in financial services and infrastructure. So that’s it. That’s all I can mention for now.”
Asked when they planned to make the said strategic acquisitions, Suarez replied, “Probably next year, but when next year, we cannot tell.”
Asked about the company’s capital expenditure budget for next year, Suarez said it was still too early to set a budget.
“We’re still about to compile from the respective companies’ capex budget from the different component companies,” Suarez said.
GT Capital is the primary vehicle for the holding and management of the diversified business interests of the Ty family in the Philippines.
It is involved in banking (Metrobank), real estate (Federal Land and Pro-Friends), power (Global Business Power), automotive (Toyota Motor Philippines and Toyota Manila Bay Corp.), automotive leasing and financing (Toyota Financial Services Philippines Corp.), and life insurance (AXA Philippines).