GT Capital Holdings Inc has acquired a 79.84% interest in the Toyota Cubao Inc dealership. The purchase deal was valued at PHP311.5 million, according to GMA News Online.
Under the terms of the said deal, GT Capital purchased 62.420 million common shares of the exclusive Toyota car seller at PHP4.99 apiece, the report added.
Carmelo Maria Luza Bautista, the company's president, said of the transaction: "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."
This is GT Capital's second major acquisition of a major Toyota dealership for March. Earlier, the firm had acquired a 60% holding in Toyota Manila Bay Corp. GMA News Online cited vice president and head of investor relations Joey Crisol said the deal was done to integrate both wholesale and retail sales into their business.
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