SEC green lights GT Capital’s P12-B share offer

Conglomerate GT Capital Holdings Inc. is beefing up its war chest to fund future strategic acquisitions.

It is set to issue 12 million preferred shares at P1,000 per share after obtaining the green light from the Securities and Exchange Commission (SEC) for the planned offering.

Proceeds would be used “to refinance previous acquisitions paid through bridge financing in the fourth quarter of 2016 and to fund strategic acquisi- tions.”

It earlier secured P9 billion in loans from the Philippine National Bank ( P4 billion), Security Bank ( P2 billion), Bank of the Philippine Islands (P2 billion) and Development Bank of the Philippines (P1 billion).

Preferred shares are cumulative, non- voting, nonparticipating, non-convertible and peso-denominated.

In May, GT Capital made its foray into the infrastructure business through the acquisition of a 15.6 percent stake in Metro Pacific Investments Corp. (MPIC), making it the second largest investor in the infrastructure conglomerate.

MPIC, on the other hand, gained a 56 percent interest in GT Capital’s power unit Global Business Power Corp. for P22.06 billion.

Global Power is the leading power supplier in Visayas with an aggregate 852 MW of coal and diesel powered generating capacity at present. The main development project is a 670 MW super critical coal fired plant in La Union, Pangasinan.

GT Capital’s businesses are housing and property through Federal Land Inc., automotive through Toyota Motor Philippines, banking through Metrobank and financial services through Toyota Financial Services Philippines Corp.