PSE Further Hikes Stake in PDS

The Philippine Stock Exchange Inc. (PSE) has secured additional stake in the Philippine Dealing System Holdings Corp. (PDS) as part of efforts to acquire up to 100 percent of the holding company that owns the Philippine Dealing & Exchange Corp. (PDEx).

- By RICHMOND MERCURIO

The PSE said it has entered into a share purchase agreement (SPA) with AIA Philippines Life and General Insurance Co. Inc. for the sale of the latter's 250,000 common shares in PDS at P600 apiece.

The AIA shares are equivalent to four percent of the total issued and outstanding stock of PDS.

With the addition of the AIA stake to other recently signed SPAs and term sheets with various shareholders, the PSE is poised to have 88.45 percent ownership of PDS.

Overall, the PSE is now set to purchase a total of 4.22 million PDS shares from various shareholders worth P2.53 billion.

The shares equivalent to 67.47 percent will be added to the PSE's existing 20.98-percent stake in PDS.

The PSE said that closing of the transactions is subject to the customary conditions such as signing of definitive agreements, the required corporate approvals and delivery of closing certificates.