Commission Decision No. 22-M-017/2019:
In the Matter of the Proposed Redemption by Property Company of Friends, Inc.
of Shares from GT Capital Holdings, Inc.
The transaction involves the redemption of GT Capital Holdings, Inc. (GT Capital) of Series A Preferred Shares equivalent to 51% stake in Property Company of Friends, Inc. (Pro-Friends) in exchange for 702.44 hectares of land mostly in located in its Lancaster New City development project in Cavite.
Prior to the redemption, GT Capital initially bought stake in Pro-Friends in 2015 and 2016 to complement its property development arm, Federal Land, Inc. GT Capital’s portfolio also includes interests in banking, automotive assembly and dealership, financing, insurance, and infrastructure.
On the other hand, Maplecrest Group Inc. is the shareholder of the remaining 49% in Pro-Friends, with the latter having residential projects in other parts of Cavite and Iloilo provinces. Following the transaction, Property Company of Friends, Inc. will be wholly-owned by Maplecrest Group Inc.