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Home Business Corporate News Several shareholders accept offer for PDSHC

Several shareholders accept offer for PDSHC

 

SOME shareholders of the Philippine Dealing System Holdings Corp. (PDSHC) have agreed to sell their stakes in the fixed-income bourse operator to Land Bank of the Philippines (Landbank), the state-run lender’s chief said on Thursday.

In a text message, Landbank President Alex Buenaventura confirmed the move, but said “we are bound confidentially by our non-disclosure agreement.” He refused to disclose how many have accepted his bank’s offer.

Landbank wants to own 66.67 percent of PDSHC. It originally priced its offer to buy shares of the bourse at P360 each — topping the Philippines Stock Exchange’s (PSE) P320 — but later lowered it to P215 in October.

Meanwhile, Landbank decided to extend its offer period for the buyout after requests from PDSHC shareholders.

“We extended the offer period to March 15, 2019,” Buenventura said.


This marks the second time Landbank made such an extension. Previous deadlines were set on January 31 and Dec. 31, 2018 after the bank failed to receive replies from shareholders.

Landbank has said taking over PDHSC is aligned with the government’s capital markets development program and would foster bond issuances.

PDSHC is the parent company of the Philippine Dealing & Exchange Corp. and Philippine Depository and Trust Co., which act as the dealing exchange for fixed-income securities and the depository and registry for fixed-income and equity securities, respectively.

Earlier this week, the PSE said it was yet to decide on Landbank’s revised offer.

Also, the Securities and Exchange Commission’s Ephyro Luis Amatong told The Manila Times that Landbank had already sought exemptive relief to own “a little more than 40 percent of the PDS Group.”

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Today’s Front Page January 24, 2020

Today’s Front Page January 24, 2020