GT Capital Holdings Inc has entered the microfinance business after acquiring a 20 per cent stake in a joint venture company between Japanese conglomerate Sumitomo Corp and Philippine Savings Bank (PSBank).
GT Capital is scheduled to execute its share purchase agreement on Wednesday with the joint venture firm Sumisho Motor Finance Corp (SMFC) to acquire the company’s 4 million common shares for a price consideration of P94.98 apiece or a sum of $7.5 million (P379.920 million).
