MANILA, Philippines – GT Capital Holdings Inc. has acquired 79.84% of Toyota Cubao Inc.’s outstanding capital stock.
In a disclosure, GT Capital said it acquired 62,420,000 common shares of Toyota Cubao Inc. at a fixed price of P4.99 per share for P311.5 million.
“The acquisition of Toyota Cubao further strengthens GT Capital’s strategic position in the auto sector, as it prepares for the motorization phase of the Philippine economy, during which steady growth in auto sales is expected,” GT Capital president Carmelo Maria Luza Bautista said.
GT Capital’s Corporate Governance Committee also approved the acquisition, which GT Capital said underwent “an independent valuation exercise and a third party fairness opinion was secured.”
Toyota Cubao was established in 1989 and is one of the country’s leading Toyota dealerships.
The dealership exclusively sells and distributes Toyota vehicles, spare parts, and accessories, and provides a full range of after-sales services.
The Ty-led GT Capital earlier completed its acquisition of 60% of the outstanding capital stock of Toyota Manila Bay Corporation (TMBC).
Mitsui & Co. Ltd. of Japan owns the remaining 40%.