GT Capital Holdings, a listed major Philippine conglomerate, has subscribed to an additional 28.3% equity stake in Property Company of Friends (Pro-Friends) for Php8,76 billion, raising its stake from 22.7% to 51%.
In a disclosure to the Philippine stock market, GT Capital said the initial subscription of its 22.7% stake in Pro-Friends, pursuant to the aforementioned agreement, also included the ceding by by Profriends Group, Inc, then Pro-Friends’ principal shareholder, of control in favor of GT Capital.
“Our increased investment into Pro-Friends is in line with our intention to expand GT Capital’s property product offerings, ranging from Federal Land’s upper-mid end developments to Pro-Friends’ affordable residential and mixed-use communities. In addition, we can further enhance synergies between our property projects and our other component companies,” GT Capital Co-Vice Chairman and Pro-Friends Chairman Alfred V. Ty said.
“Underpinned by the continued growth of the Philippine economy, demand in the affordable property sector continues to outstrip supply. Our partnership with GT Capital will further allow us to deliver quality yet affordable homes that serve our customers and take advantage of synergies within the group,” Pro-Friends President Guillermo C. Choa explained.
He added that the Lancaster New City, which is strategically located near key infrastructure projects, enables Pro-Friends to offer it live, work, learn, play, and worship estates to many more Filipino families.
Pro-Friends’ flagship and largest project, Lancaster New City (LNC), is in Cavite province, and spans the cities of Gen. Trias, Kawit, and Imus.
LNC is home to over 20,000 residents, benefitting from the master-planned, mixed-use development approach of PCFI. It is highly accessible from Metro Manila via major roads and transport systems such as the Manila-Cavite Expressway (CAVITEX) and the upcoming LRT-1 extension.
The LNC township also houses several business process outsourcing (BPO) firms and retail outlets. – BusinessNewsAsia.com