The Philippine Stock Exchange Inc. (PSE) said on Monday that it has closed an agreement with AIA Philippine Life and General Insurance Co. for the acquisition of the latter’s stake in Philippine Dealing System Holdings Corp.
With the completion of the acquisition of AIA’s 4 percent stake, the ownership of PSE in PDSHC has now increased to 59.53 percent.In a separate transaction, PSE said its deal with the Bankers Association of the Philippines (BAP) and companies it represent for the acquisition of their companies stake has been modified to cover 1.16 million shares PDSHC, equivalent to an 18.62 percent stake, instead of the entire 1.8 million shares that is equal to a 28.83 percent interest in the company. The acquisition, which includes shares held by BAP, BAP Data Exchange Inc., and several BAP-member banks, is part of PSE’s broader plan to control 100 percent of PDSHC.
PSE originally held 20.98 percent of PSDHC. In December 2024, PSE signed a deal to acquire the remaining 79.02 percent of the company that operates key electronic trading and settlement platforms in the Philippine debt securities and foreign exchange markets. PDSHC also handles vital post-settlement services, including depository, registry, and custody functions.
PSE’s offer for additional shares from other stakeholders was set at P600 per share, which placed the total enterprise value of PSDHC at P3.75 billion.
Besides AIA, PSE has already secured shares from various entities, including the Singapore Exchange Ltd., San Miguel Corp., and Mizuho Bank Ltd.
It isn’t immediately clear who among the companies that BAP represents decide to exclude their shareholdings in the sale.
Once finalized, the current deal with BAP will increase PSE’s stake in PDSHC to 78.15 percent.
