GT Capital units sell stake in Crown Central Properties

MANILA, Philippines — Subsidiaries of diversified conglomerate GT Capital Holdings Inc. are relinquishing their majority stake in Crown Central Properties Corp. (CCPC), a company behind a master planned community in Laguna.

In a stock exchange filing, GT Capital said that Federal Land Inc. and Horizon Land Property Development Corp. have sold their entire 52 percent ownership in CCPC to listed Crown Equities Inc. for P73.48 million.

Federal Land’s shares were sold at P1.0898  each, while those of Horizon Land Property were purchased at P1.0738 apiece.

With the sale, Crown Equities takes full ownership over CCPC.

Crown Equities will consolidate its real estate assets in CCPC and make the company its real estate arm.

CCPC was incorporated on Sept. 3, 1996 as a joint venture between Crown Equities and Federal Land to focus on the development of Palma Real Residential Estate in Binan, Laguna. 

Prior to the transaction, which is subject to closing terms and conditions, Crown Equities owned a 48-percent stake in CCPC.

Crown Equities, whose main business is investment holding, acquires, develops and sells real estate properties, either through its own subsidiaries or through tie-ups with major real estate and property development companies.

The company also delivers medical and health services to outpatients through ambulatory care centers.