GT Capital Holdings Inc., the holding firm of taipan George Ty, said it has increased its stake in mass-housing developer Property Company of Friends Inc. with an additional 28.3 percent for P8.76 billion.
The increase in stake is based on an agreement entered into by GT Capital and Pro-Friends on August 6, 2015.
This increases GT Capital’s economic stake in Pro-Friends to 51 percent, from 22.7 percent.
Based on its original agreement, Profriends Group Inc., which previously was the developer’s principal shareholder, agreed to cede control of the company to GT Capital.
The financial statements of Pro-Friends have also been fully consolidated into GT Capital since August 2015. “Our increased investment into Pro-Friends is in line with our intention to expand GT Capital’s property-product offerings, ranging from Federal Land’s upper mid-end developments to Pro-Friends’s affordable residential and mixed-use communities. In addition, we can further enhance synergies between our property projects and our other component companies,” GT Capital Co-Vice Chairman and Pro-Friends Chairman Alfred Ty said.
“Underpinned by the continued growth of the Philippine economy, demand in the affordable-property sector continues to outstrip supply. Our partnership with GT Capital will further allow us to deliver quality yet affordable homes that serve our customers and take advantage of synergies within the group,” the company said.
Pro-Friends’s flagship and largest project is in Cavite province, and spans the cities of General Trias, Kawit and Imus, and already has 20,000 residents.