MANILA, Philippines - Tycoon George Ty's conglomerate GT Capital Holdings Inc. raised P14.3 billion from an overnight placement.
In a statement, GT Capital said it launched and priced an overnight placement of 23.027 million shares to institutional investors. The shares were sold at P620 each.
The sale of the primary shares is conducted through a top-up structure, where Grand Titan is subscribing to 16.3 million new shares to be issued by GT Capital at the same price as the placement.
Of the amount, GT Capital would get P10.1 billion in primary proceeds, while P4.2 billion in secondary proceeds would go to Grand Titan Capital Holdings, the conglomerate's controlling shareholder.
GT Capital said it will use most of the primary proceeds to fund its acquisition of Metropolitan Bank and Trust Company's (Metrobank) 30% stake in Toyota Motor Philippines. The conglomerate last year announced it will buy an additional 30% stake in Toyota for P9 billion.
"We are extremely pleased with the continuous support and confidence that the global investor community has given to GT Capital since our IPO," said Arthur V. Ty, GT Capital chairman.
GT Capital has interests in banking, real estate development, power generation, automotive and life insurance.