THE Philippine Stock Exchange Inc. (PSE) on Monday said that it had signed a share purchase agreement with Land Bank of the Philippines (LandBank) for the acquisition of shares in Philippine Dealing System Holdings Corp. (PDSHC).
Under the agreement, LandBank will sell 134,372 common shares of PDSHC to the PSE, representing 2.15 percent of the company’s issued and outstanding shares.
The PSE said all closing conditions for the transaction had been been met although the acquisition remained subject to customary post-closing conditions.
PDSHC is the holding company of Philippine Dealing & Exchange Corp. (PDEx), which operates the local fixed-income trading platform, and Philippine Depository & Trust Corp. (PDTC), which provides clearing, settlement, and custody services for securities transactions.
The LandBank transaction forms part of a series of PDSHC share purchases by the PSE from stakeholders that included Singapore Exchange Ltd., San Miguel Corp., the Investment House Association of the Philippines, the Social Security System, Land Bank of the Philippines and others.
The shares were valued at P600 apiece or a total of P2.75 billion for all the identified sellers.
The PSE noted that with its existing 20.98 percent equity interest in PDSHC and upon the closing of the transactions with the identified shareholders, it would own 94.21 percent of PDSHC.
The move is expected to result in near-full control of PDSHC by the PSE, streamlining ownership of key trading, clearing, and settlement institutions that support the Philippine capital markets.
