State-run Land Bank of the Philippines (LandBank) is offering to pay P360 per share to acquire control of Philippine Dealing System Holdings Corp. (PDSHC).
“In the LBP (LandBank) Board Meeting held on 27 February 2018, the Board of Directors approved LBP’s proposed offers to purchase at least 66.67 percent of total PDSHC common shares at PHP360 per share,” LandBank President and CEO Alex Buenaventura said in a text message to reporters on Thursday.
LandBank, which currently owns 1.56 percent of PDS through the Bankers Association of the Philippines (BAP), is looking to derail the Philippine Stock Exchange’s ongoing push to consolidate control over the operator of country’s fixed income bourse.
The PSE’s planned takeover of PDS has already been cleared by antitrust regulators but not the Securities and Exchange Commission.
Finance Secretary Carlos Dominguez recently called out the PSE for taking too long to assume control and warned that the government could step in to achieve the aim of developing the country’s capital markets.
PDS is the parent company of Philippine Dealing & Exchange Corp. (PDEX), and Philippine Depository and Trust Company (PDTC).
PDEX is the dealing exchange for fixed income securities while PDTC acts as depository and registry for participants for both fixed income and equity securities.