Businessman Lucio Co’s P.G. Holdings Inc. now owns 37.7 percent of Philippine Bank of Communications (PBCom) following the central bank’s approval of a subscription agreement between the retail magnate and the bank.
In a statement issued on Tuesday, PBCom said that the Monetary Board of the Bangko Sentral ng Pilipinas (BSP), in a resolution dated September 18, 2014, approved P.G. Holdings Inc.’s subscription to 181.08 million newly issued common shares of the bank at P33 per share.
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