Philippines’ GT Capital to buy Toyota shares worth up to $202m

A row of Toyota Auris Hybrid Touring Sports automobiles, produced by Toyota Motor Corp., stand outside the Toyota Caetano Portugal S.A. factory before shipping in Ovar, Portugal, on Thursday, Dec. 19, 2013. Photographer: Mario Proenca/Bloomberg

Philippine conglomerate GT Capital Holdings Inc said on Thursday it would buy shares of Japan’s Toyota Motor Corp worth up to 22.2 billion yen ($201.6 million), marking its first offshore investment.

Toyota and GT Capital are co-owners of Toyota Philippines, the country’s top automotive manufacturer and retailer, with 49 percent and 51 percent, respectively.

The share purchase will be debt-funded and executed on the Tokyo Stock Exchange, based on the current prevailing rates on the dates of execution, GT Capital said in a statement.

Toyota is attractive given the dividend payout and potential increase in its stock price, GT Capital President Carmelo Maria Luza Bautista told Reuters. “At current price levels, Toyota is a good investment.”

GT Capital will acquire less than 0.1 percent of Toyota, which is valued at $208.7 billion.

Philippine companies having dominant market positions are increasingly exploring overseas opportunities for fresh sources of revenue.

Toyota Philippines is among the top income contributors of GT Capital, which is valued at $3.2 billion.

GT Capital‘s shares rose 1.98 percent, bucking the broader stock market’s 1.29 percent decline as of 0343 GMT.

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Reuters

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.