MANILA, Feb. 3 (PNA) — GT Capital Holdings, Inc. on Tuesday said its largest shareholders Grand Titan Capital Holdings, Inc. and Ty family members together sold their five-percent stake in the conglomerate for US$ 222.9 million.
In a statement to the Philippine Stock Exchange, GT Capital said the secondary shares were sold to various institutional investors at Php1,130 per share for a 4.2-percent discount to GT Capital’s closing price as of Feb. 2.
Domestic institutional investors acquired 32 percent of the total shares sold, while the balance of 68 percent was taken up by foreign institutional investors.
“Use of proceeds include Grand Titan’s participation in the recently announced Metropolitan Bank & Trust Company (Metrobank) stock rights offer, among others. The sale was also in response to several reverse inquiries regarding additional GT Capital shares from investors,” the conglomerate said.
Grand Titan is the private holding company representing the equity investments of the Ty family in GT Capital.
Metrobank is among the component companies of GT Capital. Others are Toyota Motor Philippines Corporation, Toyota Manila Bay Corporation, Toyota Cubao, Inc., Toyota Financial Services Philippines Corporation, Global Business Power Corporation, Federal Land, Inc., Philippine AXA Life Insurance Corporation, and Charter Ping An Insurance Corporation.
After the share sale, Grand Titan and the Ty family combined still hold majority of GT Capital’s shares at 54.31 percent.
Grand Titan appointed Goldman Sachs as sole global coordinator and sole international bookrunner.
First Metro Investment Corporation served as sole domestic lead manager and domestic bookrunner. (PNA)