PSE Raises Stake in PDS to 91%

The Philippine Stock Exchange Inc. (PSE) has raised its ownership in the Philippine Dealing System Holdings Corp. (PDS) to 91 percent with the acquisition of Tata Consultancy Services Asia Pacific Pte. Ltd.'s stake.

- By RICHMOND MERCURIO

The PSE said that it entered into a share purchase agreement with Tata Consultancy for the purchase of the latter's 500,000 common shares of stock, equivalent to eight percent of the total issued and outstanding stock of PDS.

Tata Consultancy was able to fulfill the closing conditions for the share purchase agreement on Monday. The shares were acquired at P600 apiece, bringing the PSE's total purchase price for all the PDS shares bought from various sellers since December last year to P2.65 billion.