Sidley Austin has advised a Manila-based investment holding company on its initial public offering on the Philippine Stock Exchange.
The issuer, GT Capital Holdings Inc., owns shares in companies including the Philippines subsidiaries of Japan’s Toyota Motor Corp. and French insurance company AXA S.A. GT Capital is owned by Chinese-Filipino billionaire George Ty, who is also the controlling shareholder of the Philippines’ second-largest bank, Metropolitan Bank and Trust Co. The company raised $440 million in the listing, which comprised a domestic retail offering and an international institutional offering.
