<article>Major Philippine conglomerate <a style="color: #000080;" href="http://www.gtcapital.com.ph/home/">GT Capital Holdings Inc</a> secured a 51 per cent ownership of low-cost housing developer <a style="color: #000080;" href="http://m.profriends.com">Property Company of Friends Inc (Pro-Friends)</a> by acquiring an additional 28.3 per cent equity stake for $185.1 million (P8.76 billion).</article>

Major Philippine conglomerate <a style="color: #000080;" href="http://www.gtcapital.com.ph/home/">GT Capital Holdings Inc</a> secured a 51 per cent ownership of low-cost housing developer <a style="color: #000080;" href="http://m.profriends.com">Property Company of Friends Inc (Pro-Friends)</a> by acquiring an additional 28.3 per cent equity stake for $185.1 million (P8.76 billion).
The acquisition is line with GT Capital&#8217;s goal to be a leader in the low-cost housing sector.
In this latest transaction, the financial statements of Pro-Friends have been fully consolidated into GT Capital. Both firms entered into an agreement last August 2015 wherein GT Capital had an option to increase its direct shareholding in Pro-Friends to 51 per cent within three years.
Included also in the deal was the ceding of Pro-Friends&#8217; former principal shareholder Profriends Group Inc (PGI) of majority control in favor of GT Capital.
Also read: <a style="color: #ff0000;" href="http://www.dealstreetasia.com/stories/gt-capital-completes-acquisition-of-ph-housing-firm-pro-friends-10885/">GT Capital completes acquisition of PH housing firm Pro-Friends</a>
GT Capital co-vice chairman and Pro-Friends chairman Alfred Ty, said the companies can further enhance synergies between property projects and other component companies.
&#8220;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’ affordable residential and mixed-use communities,&#8221; Ty said.
Meanwhile, Pro-Friends president Guillermo Choa explained the tie up would address the growing demand in the local affordable property sector as it continues to outstrip supply brought about by the continued growth of the Philippine economy.
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&#8220;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,&#8221; Choa said. &#8220;Our Lancaster New City, which is strategically located near key infrastructure projects, enables us to offer our live, work, learn, play, and worship estates to many more Filipino families.&#8221;
As a listed major conglomerate, GT Capital has interests in market-leading businesses across banking, automotive assembly, importation, and dealership, infrastructure, water, power, toll roads, healthcare, and rail, property development, and life and non-life insurance.
Besides Pro-Friends, GT Capital&#8217;s component companies comprise Metropolitan Bank &amp; Trust Company (Metrobank), Toyota Motor Philippines Corporation (TMP), Metro Pacific Investments Corporation (MPIC), Federal Land Inc (Fed Land), Philippine AXA Life Insurance Corporation (AXA Philippines), Toyota Financial Services (TFS), and Toyota Manila Bay Group (TMBG).
GT Capital&#8217;s last trading price increased 1.39 per cent or P20 to close at P1,460.
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 GT Capital Holdings Inc secured a 51 per cent ownership of low-cost housing developer Property Company of Friends Inc (Pro-Friends)

PH: GT Capital invests $185m in Pro-Friends, ups stake to 51%

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PH: GT Capital invests $185m in Pro-Friends, ups stake to 51%

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