GT Capital Holdings, Inc to acquire 20% of Federal Land, Inc.

Earlier today, GT Capital Holdings, Inc. executed a Deed of Absolute Sale with various selling shareholders of Federal Land, Inc. (FLI) to acquire 20,000,000 common shares of stock of FLI for an aggregate consideration of PhP2.7 billion. The consideration was based on a premium above book value as of December 31, 2011 as previously disclosed in the Offering Circular. The acquisition increases the direct holdings of GT Capital Holdings, Inc. in FLI from 80% to 100% and fulfills an item in the Use of Proceeds portion of GT Capital Holdings, Inc.' prospectus. - https://www.affordablecebu.com/