Ty family-led conglomerate GT Capital Holdings Inc. has teamed up with Japanese financing service firm, Premium Group, to establish a second-hand car inspection and warranty business as part of the expansion of its automotive value chain.
In a disclosure to the Philippine Stock Exchange on Tuesday, GT Capital said it would invest in the new business through GT Capital Auto Dealership Holdings Inc. (GTCAD) for an effective ownership of 47 percent.
The new business will be established through GT Mobility Ventures Inc., a joint venture with Mitsui & Co. and GTCAD as shareholders.
Premium Group provides automotive loans, credit and debit, consumer micro-lending, and other financing services throughout Japan.
Early last year, GT Mobility Ventures formed JBA Philippines with auction house operator Japan Bike Auction Co. Ltd. (JBA). This was to operate a second car action house on a 2.5-hectare lot in the Lancaster estate in Cavite.