The conglomerate earlier informed the stock exchange that it has finalized the deal with the fulfillment of all closing conditions. It purchased shares up to $154.6 million (P7.24 billion) priced at P398.1 apiece.
“GT Capital has the option to increase its direct shareholding in PCFI to 51 per cent within the next three years,” the company said.
All parties have agreed to cede majority control of Pro-Friends to GT Capital.
The acquisition is line with GT Capital’s goal to be a leader in the low-cost housing sector.
Federal Land Inc, a real estate subsidiary of GR Capital, recently said that the tie up will be a fusion of all property sub-segments. The latter is now gearing to offer its upper-mid to high-end vertical projects and Pro-Friends’ low-cost horizontal and mixed-use townships in key areas near Metro Manila.
For the past 16 years, Pro-Friends has built and sold over 36,000 affordable homes in the provinces of Cavite and Iloilo.
Meanwhile, GT Capital’s component companies include Metropolitan Bank & Trust Company (Metrobank), Toyota Motor Philippines Corporation (TMP), Toyota Manila Bay Corporation (TMBC), Toyota Cubao Inc (TCI), Toyota Financial Services Philippines Corporation (TFS), Global Business Power Corporation (GBPC), Federal Land, Inc. (Federal Land), Philippine AXA Life Insurance Corporation (AXA Philippines), and Charter Ping An Insurance Corporation (Charter Ping An).
The conglomerate’s last trading price decreased 10.05 per cent or P127.00 to close at P1,137.00.