Rizal Commercial Banking Corp. (RCBC) is set to sell its stakes in RCBC Realty Corp. and RCBC Land Inc. to Pan Malayan Management and Investment Corp. (PMMIC) for a combined amount of P2.3 billion.
A disclosure to the Philippine Stock Exchange showed that listed RCBC and PMMIC signed share purchase agreements on Friday wherein RCBC agreed to sell to PMMIC alone its 7.66-percent stake in RCBC Realty and its 49-percent stake in RCBC Land.
The RCBC Realty shares that PMMIC intends to acquire will be sold for a total consideration of P1 billion, while the RCBC Land shares will be sold for a total consideration of P1.3 billion.
Closing of the transaction, according to RCBC, remains subject to the satisfaction of the completion of conditions under the share purchase agreements.
Earlier this month, the Yuchengco-led RCBC announced that it will sell stake from the aforementioned property firms to pave the way for its preparation for compliance with stricter Basel 3 capital guidelines.
In a previous disclosure to the exchange, the bank reported that its board has approved the sale of its 25-percent shareholdings in RCBC Realty and 49-percent stake in RCBC Land to PMMIC and two other firms, House of Investments Inc. and RCBC Land itself.
The combined stake that was put on sale represents the bank’s 34.8-percent economic interest in RCBC Realty.
Madelaine B. Miraflor