The Zobels’ Ayala Corporation has sold its indirectly-held 92.45 percent stake in German auto parts maker MT Technologies GmbH (MT) for a nominal price which will result in a loss of €26 million or $28.4 million.

In a disclosure to the Philippine Stock Exchange, Ayala said its wholly-owned subsidiary AC Industrial Technology Holdings Inc. has entered into and completed a Sale and Purchase Agreement for the sale of its 92.45 percent stake in MT.

The stake in MT, held through its Singaporean subsidiary AC Industrials (Singapore) Pte. Ltd.), has been sold to Munich, Germany-based Callista Asset Management 18 GmbH, an affiliate of Callista Private Equity.

Ayala said MT’s minority shareholders also sold their shares, resulting in a 100 percent transfer of MT’s ownership to Callista. 

MT Technologies GmbH is a German auto parts-maker specializing in designing and manufacturing of injection molds for metal and plastic car parts.

“The transaction will result in an approximately €26 million loss, to be booked by AC Industrials and in turn Ayala,” the disclosure said.

The firm noted that, “the sale of MT continues Ayala’s strategic priority to realize value through a combination of strategic partnerships and divestments from certain non-core assets.”

“Ayala will sharpen its focus on the continued expansion of its core businesses in real estate, banking, telecommunications, and power, and scaling up its emerging businesses in healthcare and logistics,” it added.

Under the agreement, the “nominal purchase price” will be paid in cash. The price was the negotiated amount between buyer and sellers and was not on a per share basis.

“The sale will be executed alongside a sale and leaseback by MT of its property in Ingolstadt and assignment of shareholder loans to the purchaser,” said Ayala.