GT Capital Holdings Inc said on Thursday that it bought 40.7% of Toyota Manila Bay Corp. The listed investment company of taipan George Ty acquired the said dealership for PHP502.25 million, according to GMA News.

GT Capital said in a disclosure to the Philippine Stock Exchange that it acquired 101.875 million common shares of TMBC on December 18. The disclosure priced the TMBC shares at PHP4.93 apiece, the report detailed.

Joey Crisol, vice president for investor relations, said GT Capital bought the shares from firms within the group. However, Crisol declined to name the said companies, the report said.

TMBC is an exclusive seller and distributor of Toyota vehicles, accessories, and spare parts. The company also provides after-sales service including vehicle repairs and periodic maintenance, GMA News reported.

Carmelo Maria Luza Bautista, GT Capital president, said: "GT Capital's objective is to increase its direct ownership in TMBC to 60 percent by the first quarter of next year, inasmuch as the dealership shall significantly contribute to the high level of business synergies within the GT Capital group."