Ty family-led conglomerate GT Capital Holdings Inc. has entered into a deal to operate future Toyota dealerships within the former US naval base, Subic Bay Freeport Zone.
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 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. in Toyota San Fernando, which operates dealerships in Plaridel, Bulacan and Hacienda Luisita, Tarlac City.
Toyota Motor Philippines is the automotive subsidiary of GT Capital. It is the leading car company in the country with a market share of 39 percent as of end-2015.
The automotive unit posted a 41 percent growth in net profit last year to P10.2 billion, with consolidated revenues rising by 9 percent to P114.3 billion. The company sold 125,027 vehicles in 2015, up by 18 percent from the previous year.
Toyota Motor Philippines has been investing more to improve its dealership software, bring in new car models, open new dealer outlets and rehabilitate its plant.
The whole Toyota Philippines network was targeting to have 55 dealerships nationwide by the end of the year.