By Krista A.M. Montealegre, National Correspondent
GT CAPITAL Holdings, Inc. secured fresh debt to participate in the stock rights offer of Metropolitan Bank & Trust Co. (Metrobank), which will use the funds for its business operations and expansion.
GT Capital Chief Financial Officer Francisco H. Suarez said in a briefing on Tuesday the company has raised P25 billion in new loans as of March to solely fund its participation in the rights offer of Metrobank.
The holding firm of George S.K. Ty, the country’s sixth richest man, currently owns 36.09% of Metrobank, one of the country’s largest banks in terms of assets, deposit base, and equity.
In January, GT Capital said it intends to subscribe to at least its full rights entitlement in Metrobank’s stock rights offer.
The lender is using proceeds of up to P60 billion to sustain above-industry loan growth across various segments and increase ownership in credit card provider Metrobank Card Corp., a joint venture with ANZ Funds Pty. Ltd.
The offering will close today.
GT Capital is spending as much as P112 billion this year, with bulk of the increase in the capital expenditure budget taking into account its participation in the planned P60 billion stock rights offer of Metrobank.
Real estate arm Federal Land, Inc. plans to launch five to six projects this year after rolling out only four projects in 2017 due to delays in securing permits and licenses.
Toyota Motor Philippines Corp. aims to end the year with 70 dealerships, with upcoming sites in Tuguegarao, Isabela; San Jose del Monte, Bulacan; and Subic Bay. Two new dealerships were opened in Silang, Cavite and Calapan, Oriental Mindoro in the first quarter of 2018.
GT Capital reported a 29% rise in core net income to P15 billion last year from P11.7 billion in 2016 on the back of a 19% increase in revenues to P239.8 billion from P202.1 billion.
Including extraordinary items, consolidated net income slipped 3% to P14.2 billion from P14.6 billion.
Shares of GT Capital were unchanged at P1,150 apiece on Tuesday.