MANILA, Philippines - GT Capital Holdings on Tuesday said it is partnering with Mitsui & Co. for the Toyota Cubao dealership.
In a statement, GT Capital said it sold 45 million common shares of its subsidiary Toyota Cubao to Mitsui for P298.7 million. The shares represent 40 percent of Toyota Cubao's outstanding capital stock.
GT Capital now owns 51.4 percent of Toyota Cubao, while 8.6 percent is held by individual investors.
"We welcome the entry of Mitsui into Toyota Cubao, as it creates another strategic partnership that is anchored on Mitsui’s proven expertise and track record. This collaboration enables Toyota
Cubao to further strengthen its position in the country’s auto dealership sector,” GT Capital President Carmelo Maria Luza Bautista said.
Mitsui already owns 40 percent of the outstanding capital stock of another dealership, Toyota Manila Bay Corp.
Toyota Cubao, which was established in 1989, is one of the pioneering Toyota dealerships in the country.