GT Capital selling P12B preferred shares

CONGLOMERATE GT Capital Corp. plans to raise as much as P12 billion from an offering of perpetual preferred shares.

The board of Ty family-led GT Capital approved the offering of 8 million preferred shares with an oversubscription option of up to 4 million shares at an offer price of P1,000 each, the company disclosed to the Philippine Stock Exchange (PSE) on Friday.

“Use of proceeds would be to refinance previous acquisition costs paid through bridge financing and also for other general corporate purposes,” said Jose Crisol Jr., GT Capital’s head of investor relations.

GT Capital is set to file the appropriate registration statement and prospectus at the Securities and Exchange Commission. It also plans to file listing application with the PSE.

Targeted issuance of the preferred shares is within the third quarter of 2016 subject to regulatory approvals, Crisol said.

The conglomerate recently expanded into the infrastructure space by buying into Metro Pacific Investments Corp.