GT Capital Holdings Inc., the listed conglomerate of tycoon George Ty, has acquired a 22.68 percent stake in mass housing developer Property Co. of Friends Inc. (Pro-Friends or PCFI) for P7.24 billion in a bid to enter the burgeoning low-cost housing segment.
GT Capital said it signed an agreement with Pro-Friends on Friday in which the Ty-led group will subscribe to 18.186 million shares of the unlisted property firm for a 22.68 percent interest in the company.
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