TY-LED GT Capital Holdings Inc. is strengthening its real-estate business with the finalization of its acquisition of a minority interest in Property Company of Friends Inc. (PCFI, or Pro-Friends) for P7.24 billion.
The listed company purchased a 22.68-percent stake in the former at a par value of P398.1 per share.
GT Capital’s investment into PCFI will allow the group to provide a wider range of quality residential, office and retail space, according to Alfred V. Ty, president of Federal Land Inc., the company’s property-development arm.
The holding firm may opt to increase its direct-share ownership to 51 percent within the next three years. Both parties have agreed to transfer majority control of the low-cost housing builder to GT Capital.
PCFI was established in 1999, with focus on the economic housing segments, as well as retail and office leasing. To date, the property developer has built and sold more than 36,000 homes in Cavite and Iloilo.
Lancaster New City is its flagship and biggest project, spanning the areas of Kawit, Imus and General Trias in Cavite.
Ongoing projects include the Bellefort Estates in Bacoor and Dasmariñas in Cavite; the Parc Regency Residences in Iloilo province; and the Carmona Estates in Carmona, Cavite, among others.
GT Capital is a conglomerate of the Ty family, with interests in market-leading businesses across banking; automotive assembly, importation, dealership and financing; power generation; property development; and life- and nonlife insurance.
For the first six months of 2015, the company reported a net income of P5.6 billion, 42 percent higher than the P4 billion posted in the same period last year.
Consolidated revenues, likewise, grew by 12 percent to P74.3 billion in the first half of this year from P66.2 billion during the time in 2014.
Strong financial results of GT Capital were seen across all business segments. Metropolitan Bank & Trust Co. saw a 30-percent increase in core earnings, with an unaudited consolidated net income of P9.3 billion from January to June 2015.
Toyota Motor Philippines Corp.’s consolidated revenues rose by 9 percent year-over-year from P48.9 billion to P53.4 billion, as combined net income hiked by 69 percent to 5.1 billion from P3 billion.
First half 2015 reservation sales of Federal Land amounted to P6.3 billion, or 6 percent greater than P5.9 billion last year.
AXA Philippines’s total sales in annualized premium equivalent for the first six-month period this year reached P2.4 billion from P1.8 billion in 2014, representing a 34-percent growth.