GTCAP to open Toyota dealership in Subic

TY family-led conglomerate GT Capital Holdings Inc. has entered into a joint venture deal to set up Toyota car dealerships within the former US naval base, Subic Bay Freeport.

In a disclosure to the Philippine Stock Exchange on Monday, GT Capital said it had obtained the go-signal from the Securities and Exchange Commission to incorporate Toyota Subic Inc. (TSI).

TSI is a joint venture between GT Capital Auto Dealership Holdings Inc. (GTCAD), a newly incorporated and fully-owned subsidiary of GT Capital, and JBT Global Holdings Inc. GTCAD will own 55 percent of the new company while and JBT Global will own 45 percent.

JBT Global is the holding entity of businessman Jose B. Tan, a strategic partner of Toyota Motor Philippines Corp. – the automotive subsidiary of GT Capital – in Toyota San Fernando, which operates Toyota dealerships in Plaridel, Bulacan and Hacienda Luisita, Tarlac City.

TSI, for its part, will operate future Toyota dealerships of the joint venture within the Subic Bay Metropolitan Authority (SBMA)./rga