George Ty transfers over P400M worth of MetroBank shares to son Arthur
Bilyonaryo George S.K. Ty has been quietly transferring some of his holdings to his children.
In the most recent transaction, the banking tycoon sold 5.115 million shares of Metropolitan Bank & Trust Co. worth P422.25 million. His eldest son, Arthur acquired the same number of shares at same purchase price on the same day.
“These are intragroup transactions among the Ty family companies, without any effect on the aggregate shareholdings of the Group,” Metrobank said in a filing with the Philippine Stock Exchange.
The transaction brought the patriarch’s total number of indirect and direct Metrobank shares to 36,340 and 17.449 million, respectively.
Arthur, who serves as chairman of Metrobank, now has 354.87 million indirect shares (9.25 percent) and 13.26 million direct shares (0.3331 percent) of the bank.