GT Capital to redeem preferred shares

MANILA -GT Capital Holdings Inc. is redeeming P4.8-billion worth of preferred shares it issued years ago, fulfilling the terms set in the prospectus for the share sale in 2016.

On Tuesday, the conglomerate said it would redeem 4.8 million series “A” perpetual preferred shares on Oct. 27.

The payment per share is P1,000 plus “any accrued and unpaid dividends after deduction of any taxes and customary transfer costs to the effects of redemption.”

“This demonstrates GT Capital’s proactive approach in managing its capital structure and its adherence to predetermined agreements as implicated in its prospectus,” Regina Capital Development Corp. head of sales Luis Limlingan told the Inquirer. INQ