MANILA, Philippines–Conglomerate Ayala Corp. said Tuesday wholly-owned unit AC Industrial Technology Holdings Inc. sold its entire stake in German automotive parts maker MT Technologies GmbH for an undisclosed amount.
AC Industrial, and in turn Ayala, will book a loss of about 26 million euros (P1.59 billion) from the transaction.
Ayala said in a disclosure to the stock exchange AC Industrial completed the sale of its 92.45-percent stake in MT to Germany-based Callista Asset Management 18 GmbH, an affiliate of Callista Private Equity.
The conglomerate said the deal is part of the group’s overall plan to generate $1 billion from sale of non-core assets and stake in joint venture partnerships.
“AC will sharpen its focus on the continued expansion of its core businesses in real estate, banking, telecommunications and power, and scaling up its emerging businesses in healthcare and logistics,” the conglomerate said.