- | GTCAP divest ownership of Pro-Friends |
- | The transaction included exchange for P20B worth of land |
| GTCAP Divestment |
GT Capital Holdings, Inc’s divestment of 51% of Property Company of Friends, Inc. (Pro-Friends) was approved by the Philippine Competition Commission (PCC) last July 4. They relinquished their ownership in exchange for 702.44 hectares of land worth P20B as it is no longer makes way for affordable housing projects due to the rising property prices in Cavite. Holding 49%, Maplecrest Group, Inc. gains sole control of Pro-Friends which substantially decreases competition but will not alter the current market structure according to the PCC.
Business World
July 9, 2019 9:58 am
