Philippines: GT Capital invests $483m in Metrobank, ups stake by 9.6%

Philippine conglomerate GT Capital Holdings Inc is increasing its stake in Metropolitan Bank & Trust Company by making fresh investments of up to $483 million (P24.72 billion), the company said.

GT Capital on Monday (April 17) signed a memorandum of agreement, subject to regulatory approvals, to acquire 306 million secondary shares of Metrobank held by various Ty family-owned companies.

The acquisition will increase GT Capital’s stake in Metrobank by 9.622 per cent to 36.092 per cent from 26.47 per cent at present.

A separate memorandum of agreement was also signed for the subscription by Grand Titan Capital Holdings Inc (Grand Titan) to 9.5 per cent or over 18.2 million primary shares of GT Capital pegged at P21.69 billion.

As a result, Grand Titan, which is the majority shareholder of GT Capital, will own 55.93 per cent of the company. GT Capital’s total issued and outstanding shares will increase from 174,300,000 to 192,596,685.

GT Capital president Carmelo Maria Luza Bautista said that there are several advantages to GT Capital’s increased ownership in Metrobank.

“First of all, it enables GT Capital to benefit from a more balanced income contribution from its investments,” Bautista said. “This will also be accretive to our earnings per share. Furthermore, the additional Metrobank shares put us at par with our peer conglomerates with respect to the percentage ownership of our banking subsidiaries and affiliates.”

The purchase price for the Metrobank shares and the subscription price for the GT Capital shares are both based on their respective 30-day volume weighted average prices (VWAP) as of the date of execution of the two memorandum of agreement.

GT Capital and Metrobank were trading at P1,230, and P81.80 per share, respectively, on Tuesday (April 18) at the time of filing this article.

Also Read:

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Singapore Reporter/s

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

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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.