Conglomerate GT Capital Holdings Inc. led by tycoon George Ty on Friday announced that it subscribed to 28.3 percent of Property Company of Friends Inc. for P8.76 billion.
The move increased the economic stake of GT Capital in Pro-Friends to 51 percent from 22.7 percent under an agreement signed by GT Capital and Pro-Friends on August 6, 2015.
GT Capital said the agreementfor the initial subscription of 22.7 percent stake in Pro-Friends included the ceding of control by Profriends Group Inc., the principal shareholder of Pro-friends, in favor of GT Capital.
“Our increased investments into Pro-Friends is in line with out intention to expand GT Capital’s property product offerings, ranging from Federal Land’s upper-mid end developments to Pro-Friends’ 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 in statement.