GT Capital Holdings Inc., the holding firm of tycoon George Ty, said it is making a small investment in the Japanese carmaker Toyota Motor Corp.
The company said it was able to raise ¥22.2 billion (around P10.7 billion) to own less than 0.1 percent of the world’s fifth-largest car company by revenue.
“The purchase shall be through the Tokyo Stock Exchange, based on the current prevailing rates on the dates of purchase. Funding of the transaction will be through debt,” GT Capital said in its disclosure.
GT Capital is the local distributor and manufacturer of Toyota cars in the country.
Last year Toyota Motor Philippines Corp. posted a 19-percent growth in consolidated revenues to P185.3 billion in 2017, from P155.8 billion in 2016.
Retail sales volume of 183,908 units last year was 16 percent higher than the 158,728 units sold in 2016. Toyota Philippines maintained its industry-leading position with an overall market share of 39 percent, on continued strong sales of Fortuner, Vios and Innova models.
Net income grew by 11 percent to P13.4 billion in 2017, from P12.1 billion the previous year, the company said.