JAPANESE firm Mitsui &Co., Ltd. (Mitsui) has obtained a significant interest in one of the oldest Toyota car dealerships in the country, buying nearly P300-million worth of shares from the George Ty-led conglomerate GT Capital Holdings Inc. (GTCap).
In a filing with the Philippine Stock Exchange, GT Capital disclosed on Tuesday that it sold 45 million common shares of subsidiary Toyota Cubao Inc. (TCI) to Mitsui for a total of P298.7 million.
Mitsui, a Japan-based diversified trading company, is engaged in the sale, import, export, and international trading of various products in the fields of iron and steel products, machines and metal resources, among others.
According to GT Capital, the sale represents 40 percent of the Toyota vehicle dealership’s outstanding capital stock. Consequently, GT Capital now owns 51.4 percent of TCI and the remaining 8.6 percent is held by individual investors.
Established in 1989, TCI is one of the pioneering and leading Toyota dealerships in the Philippines.
TCI exclusively sells and distributes Toyota vehicles, spare parts, and accessories, while also providing a full range of after-sales services.
“We welcome the entry of Mitsui into Toyota Cubao, as it creates another strategic partnership that is anchored on Mitsui’s proven expertise and track record,” GT Capital President Carmelo Maria Luza Bautista said.
“This collaboration enables Toyota Cubao to further strengthen its position in the country’s auto dealership sector,” Bautista added.
Mitsui similarly owns 40 percent of the outstanding capital stock of another leading Toyota dealership in the country, Toyota Manila Bay Corp. (TMBC). GT Capital holds 60 percent of TMBC.
In March, GTCap expanded its Toyota vehicle dealership with the acquisition of a major stake in TCI, in an investment deal worth P300 million.
In a previous filing with the local bourse, GT Cap had revealed its purchase of a majority stake in TCI, the second acquisition deal that the company sealed that month.
Specifically, GTCap 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 the Toyota vehicle dealership’s outstanding capital stock.
A few weeks before GTCap’s acquisition of TCI shares took place, the conglomerate was already able to complete its acquisition of 60 percent of the outstanding capital stock of TMBC.