MANILA—GT Capital Holdings, Inc. is increasing its ownership in Metropolitan Bank & Trust Company (Metrobank) for an estimated PHP24.72 billion.
In a disclosure to the Philippine Stock Exchange (PSE) Tuesday, the two companies signed a memorandum of agreement, wherein GT Capital is acquiring 306 million secondary shares of Metrobank held by various Ty family-owned companies.
This will bring GT Capital’s stake in Metrobank to 306.092 percent, up 9.622 percent from its current share of 26.47 percent.
The acquisition deal is still subject to regulatory approvals.
“There are several advantages to GT Capital’s increased ownership in Metrobank. First of all, it enables GT Capital to benefit from a more balanced income contribution from its investments. This will also be accretive to our earnings per share,” GT Capital president Carmelo Maria Luza Bautista said.
“Furthermore, the additional Metrobank shares put us at par with our peer conglomerates with respect to the percentage ownership of our banking subsidiaries and affiliates.”