PSE nears integration of stock, bond markets

The Philippine Stock Exchange Inc. expects to strike deals with more shareholders of the Philippine Dealing System Holdings Corp. (PDS) this month, on top of the recently signed P2.4-billion agreements that are part of the PSE's plan to acquire up to 100 percent of the holding company that owns the Philippine Dealing & Exchange Corp. (PDEX).

- By Richmond Mercurio

"We are targeting to sign additional share purchase agreements (SPAs) within the month," PSE president and CEO Ramon Monzon told The STAR.

He, however, said attaining the goal of consolidating the equities and fixed income exchanges could be achieved even without the PSE having 100 percent ownership in PDS.

"It is possible to consolidate both exchanges without full ownership of PDS. We only need a majority stake of 51 percent to do this," he said.

At present, the PSE can have a total of 84.44 percent ownership of PDS based on recently signed SPAs and term sheets with various shareholders amounting to P2.4 billion.

The PSE late last month signed a term sheet with the Bankers Association of the Philippines for its shares and those owned by BAP Data Exchange Inc. and certain member-banks for an equivalent of 28.83 percent of PDS.