State-owned Land Bank of the Philippines has agreed to sell its 2.15 percent stake in Philippine Dealing System Holdings Corp. (PDS) to the Philippine Stock Exchange (PSE) for P80.62 million.
The sale covers 134,372 common shares. With this deal and other ongoing acquisitions, the PSE will raise its ownership in PDS to 94.21 percent.
The PSE is buying shares from several shareholders, including the Bankers Association of the Philippines (BAP) and some of its member banks, Singapore Exchange Ltd., San Miguel Corp., Golden Astra Capital, FINEX Foundation, and other financial institutions.
In total, the PSE will acquire about 3.61 million PDS shares at P600 per share, worth P2.16 billion. This represents a 57.71 percent stake in the company.
The PSE said two BAP member banks have yet to complete the required conditions to close their transactions. It also noted that BAP and its members are selling a smaller stake than initially planned.
Under a separate agreement, the PSE will buy 1.16 million PDS shares, or 18.62 percent of the company, from BAP, BAP Data Exchange Inc., and certain member banks.
