Finance Secretary Carlos G. Dominguez III MALACANANG FILE PHOTO
The Land Bank of the Philippines has begun due diligence to acquire a majority stake in Philippine Dealing System Holdings Corp. (PDS), the last hurdle to seal the deal, the state-run lender’s president Alex V. Buenaventura said Tuesday.
“The Landbank board on Jan. 23 approved in principle the acquisition of at least 66.67 percent or a controlling interest of the PDS. With the board approval, the only thing left to do is to finish our due diligence and report to the board,” Buenaventura said in a statement.
In relation to the planned acquisition of PDS, Buenaventura said he met with the Securities and Exchange Commission last Monday “to discuss the procedure for applying for a petition for exemptive relief with the regulatory body.”
Last week, Buenaventura sought a meeting with the SEC as Landbank wanted to discuss the application process under Section 33.2 of Republic Act No. 8799 or the Securities and Regulations Code.
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“We thank the SEC for accommodating our request, even on short notice. Rest assured that we will comply with all applicable laws in acquiring PDS,” Buenaventura said.
Buenaventura’s plan to acquire a majority stake in PDS runs counter to the planned merger of the latter with the Philippine Stock Exchange.
