By JAMES A. LOYOLA
Manila Bulletin
Newly-listed GT Capital Holdings of tycoon George SK Ty reported that its subsidiaries showed strong growth trends for the first quarter of 2012.
GT Capital jumped on its trading debut at the Philippine Stock Exchange yesterday after Vice Chairman Alfred Ty said the initial public offering abroad was five times oversubscribed.
The stock price soared by as much as 9.9 percent to P500, also buoyed by the company saying units posted “strong†first-quarter growth. GT Capital sold shares at P455 each in a P21.6-billion IPO (initial public offering) earlier this month.
GT Capital has stakes in Metropolitan Bank & Trust Co., the nation’s second largest lender by assets, builder Federal Land Inc. and utility Global Business Power Corp.
“We are in the midst of a changing economic landscape in the Philippines where the opportunities and prospects for economic growth have never been brighter,†said GT Capital vice chair¬man Alfred Ty.
GT Capital president Carmelo Bautista said property arm Federal Land Inc. reported that reservation sales for the first quarter of 2012 surged 113 percent to P3.8 billion compared to the same period last year.
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