The Land Bank of the Philippines (Landbank) board has priced at P360 per share the state-run lender’s offer to acquire a majority stake in the Philippine Dealing System Holdings Corp. (PDS Group).
In a text message to reporters on Thursday, Landbank president and CEO Alex Buenaventura said their board of directors approved the proposal to purchase at least 66.67 percent of total PDS common shares at the said price last February 27.
The Landbank board approved in principle in January the acquisition of a controlling interest in PDS Group and that they proceeded to finish their due diligence for the transaction, Buenaventura said.
PDS Group is the holding firm for fixed-income trading platform Philippine Dealing and Exchange Corp., Philippine Depositary and Trust Corp., and Philippine Securities Settlement Corp.
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Landbank already notified the Securities and Exchange Commission that it would seek exemptive relief from regulatory limits on exchange ownership.
Buenaventura’s plan to acquire two-thirds of PDS runs counter to the planned merger of the latter with the Philippine Stock Exchange.
