Starting this year, GT Capital Holdings, the holding company for George Ty’s businesses, is raising its stake in Profriends. GT Capital President Maria Bautista revealed in a phone interview that the conglomerate will exercise the option to raise its direct ownership in the firm to 51%. First, 42% is increased within the year’s first half before increasing it to 51% by next year’s first quarter.
In August of 2015, GT Capital signed an agreement that made it acquire 22.68% of PCFI for the price of P7.24 billion. There is also the option to boost the stake to 51% over the next three years. Profriends currently owns 98.51% of the issued capital. They initially planned on undertaking a P7.7 billion initial public offering.
