The Land Bank of the Philippines board is offering P1.5 billion for a majority stake in the Philippine Dealing System Holdings Corp. (PDS Group).
In a text message to reporters on Thursday, Landbank president and chief executive Alex Buenaventura said the board approved on February 27 a proposal to purchase at least 66.67 percent of total PDS common shares at P350 apiece.
The board already approved in principle the move to acquire a controlling interest as early as January, fast-tracking a due diligence on orders from Finance Secretary Carlos Dominguez III.
PDS 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 it would seek exemptive relief from the mandated limits on exchange ownership.
Buenaventura’s plan to acquire two-thirds of PDS could derail the latter’s planned merger with the Philippine Stock Exchange (PSE).
