MANILA, Philippines – The state-run Land Bank of the Philippines is eyeing to acquire a 49-percent stake in Philippine Dealing System Holdings Corp. (PDS) before this year ends to become the biggest shareholder in the bond trading platform.
“We are working on the regulatory clearances, and we hope to finish it [the acquisition] within the year,” Landbank president and chief executive Cecilia C. Borromeo told reporters in a chance interview Wednesday.
Borromeo said they were already seeking clearances from the Bangko Sentral ng Pilipinas (BSP), Governance Commission for Government-Owned or Controlled Corporations (GCG), and the Securities and Exchange Commission (SEC) for the transaction.
The Landbank chief said the offer price to buy PDS shares from other shareholders at P215 per share stays, based on the lender’s updated valuation.
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So far, Landbank secured the commitment from about 21 percent of shareholders, she said.
Borromeo said they wanted to secure a maximum of 49-percent stake “because we don’t want it [PDS] to become a GOCC [government-owned and/or -controlled corporation].”