GT Capital sells 40% stake in Toyota Cubao to Mitsui

By: Doris C. Dumlao - 10 years ago

MANILA, Philippines — Businessman George Ty’s GT Capital Holdings Inc. has taken Japanese firm Mitsui & Co. Ltd. as a strategic partner in its Toyota Cubao car dealership unit.

In a disclosure to the Philippine Stock Exchange on Tuesday, GT Capital said it had sold a 40-percent stake in Toyota Cubao Inc. (TCI) to Mitsui for P298.7 million.

This still leaves GT Capital with 51.4 percent of TCI while the remaining 8.6 percent stake is held by individual investors.

“We welcome the entry of Mitsui into Toyota Cubao, as it creates another strategic partnership that is anchored on Mitsui’s proven expertise and track record. This collaboration enables Toyota Cubao to further strengthen its position in the country’s auto dealership sector,” GT Capital president Carmelo Maria Luza Bautista said.

Mitsui similarly owns 40 percent of the outstanding capital stock of another leading Toyota dealership in the country, Toyota Manila Bay Corp. (TMBC) while GT Capital holds 60 percent.

Established in 1989, TCI is one of the pioneering and leading Toyota dealerships in the Philippines. TCI exclusively sells and distributes Toyota vehicles, spare parts, and accessories, while also providing a full range of after-sales services.

GT Capital is a conglomerate with interests in banking, automotive assembly, importation, and dealership, power generation, property development, and life and non-life insurance.

Other component companies are Metropolitan Bank & Trust Co. (Metrobank), Toyota Motor Philippines Corp., Global Business Power Corp., Federal Land Inc., Philippine AXA Life Insurance Corp., Charter Ping An Insurance Corp. and Toyota Manila Bay Corp.