GT Capital sets rights offer

MANILA, Philippines - GT Capital Holdings Inc. of banking tycoon George S.K. Ty plans to raise P17.4 million from a stock rights offering slated early next month.

In a disclosure to the Philippine Stock Exchange, GT Capital said it would conduct a 1:1 rights offer on 174.30 million voting preferred shares at P0.10 apiece.

“Each eligible shareholder is entitled to subscribe to one voting preferred share for every one common share held as of the record date (March 25),” the conglomerate said.

GT Capital said proceeds from the offering would be used for general corporate purposes.

The offer period will commence on April 1 and will end on April 8. Stock certificates are set to be issued on April 13.

GT Capital said the voting preferred shares are “non-cumulative, non-participating, non-convertible and redeemable.”

The conglomerate last February raised about P10 billion after its largest shareholders unloaded five percent of their stake.

GT Capital is one of the largest business groups in the country with investments in banking (Metropolitan Bank & Trust Co.), property (Federal Land), power generation (Global Business Power Corp.), automotive assembly and imports (Toyota Motor Philippines), life insurance (Philippine AXA Life Insurance), non-life insurance (Charter Ping An Corp.) and automotive distribution (Toyota Manila Bay Corp. and Toyota Cubao Inc.).

It earmarked P50 billion for capital expenditures last year and is allocating about the same amount this year.