The board of state-run lender Land Bank of the Philippines on Tuesday green-lighted the plan to acquire a majority stake in the Philippine Dealing System Holdings Corp. (PDS).
“The Landbank board just approved in principle to acquire at least 66.67 percent common shares of PDS subject to compliance with all legal regulatory requirements,” president and chief executive Alex V. Buenaventura said in a text message to reporters.
Buenaventura said they will still finalize the timetable and offer price for the planned transaction.
The Landbank chief’s plan to acquire a majority stake in PDS runs counter to the planned merger of the latter with the Philippine Stock Exchange.
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Last week, Finance Secretary Carlos G. Dominguez III, who chairs Landbank, however, lamented that the PSE was not being compliant with the conditions set for its merger with PDS.
“Around September of 2016, I told PSE to be compliant with the law with regards to the allocation of their share to groups of shareholders as a condition to the Securities and Exchange Commission’s approval of their plan to acquire PDS. As of now, 16 months later, they are not compliant,” Dominguez said Friday.
