Ty family-led GT Capital Holdings Inc. is selling voting preferred shares to existing shareholders to help raise fresh funds for expansion.
In a disclosure to the Philippine Stock Exchange Monday, GT Capital said its board had approved the issuance of 174.3 million shares at an offer price of 10 centavos each.
The voting preferred shares will be offered to each eligible stockholder at a ratio of one preferred share for every one common share held as of record date March 25, 2015.
The offering will run from April 1 to 8 while the listing date is scheduled for April 13.
“The proceeds will be used for general corporate purposes,” the company said in the disclosure.
GTCAP was incorporated in 2007 as a holding company as the primary vehicle for the holding and management of the diversified business interests of the Ty family in the Philippines. It holds interests in banking, real estate development; power generation; automotive assembly, importation and distribution, and life and non-life insurance.
Its current portfolio of businesses covers interests in Metropolitan Bank & Trust Co.; Federal Land Inc.; Global Business Power Corp.; Toyota Motor Philippines; Philippine AXA Life Insurance Corp.; Charter Ping An Insurance Corp. and Toyota Manila Bay Corp.