LT Group Inc. (LTG) has increased its indirect voting control in its banking arm, Philippine National Bank (PNB), after acquiring additional indirect ownership from some of the listed bank’s shareholders.
A disclosure to the Philippine Stock Exchange on Tuesday showed that LTG has acquired additional indirect ownership of PNB shares through some of the companies that own shares in the bank.
Specifically, the companies from which some of shares were acquired by LTG are All Seasons Realty Corp., Society Holdings Corp., Profound Holdings Inc., Total Holdings Corp., Kentwood Development Corp., Fil-Care Holdings Inc., Safeway Holdings & Equities Inc., Purple Crystal Holdings Inc., Dynaworld Holdings Inc. and La Vida Development Corp.
“This brings up LTG’s indirect voting control from 48.61 percent to 59.8 percent,” LTG further said in the disclosure. No additional information was disclosed.
Late last year, PNB started to seek the approval of the Bangko Sentral ng Pilipinas to proceed with its plan to infuse P10 billion in fresh capital to Allied Savings Bank.
“The board of directors of the Philippine National Bank during its meeting on Friday approved and confirmed the investment/infusion of additional equity in Allied Savings Bank amounting to P10 billion,” PNB previously told the local bourse.