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Banking on other shareholders in the country's bond exchange operator that may want to sell their holdings, the Philippine Stock Exchange (PSE) may acquire more equity in Philippine Dealing & Exchange Corp. (PDEx).
The PSE recently secured agreements to buy a 45-percent stake in PDEx held by Singapore Stock Exchange (SGX) and Bankers Association of the Philippines (BAP).
In an interview with reporters on the sidelines of a forum in Katmai City on Monday, PSE president and CEO Hans B. Sicat said the stock exchange may end up with more than 65 percent stake in Pd Ex if minority shareholders are willing to sell their equity.
“The PSE could end up with more than 65 percent because we are assuming that there are other shareholders who will tag along (with BAP and SGX),” Sicat said.
At this point, however, Sicat noted there are no ongoing talks with other PDEx shareholders.
In line with the planned merger of the country’s stock and fixed income exchanges, the PSE last week signed separate agreements with the SGX and BAP on the terms for the proposed acquisition of SGX and PDS shareholdings in the bond exchange operator.
BAP and SGX held a combined 45 percent interest in Pd Ex while PSE owned 20 percent.
Other Pd Ex shareholders are TATA Consulting Services Pt Ltd, Computer share Technology Services (Phil) Inc., San Miguel Corp., Philippine American Life and General Insurance Co., Development Bank of the Philippines, Social Security System, Financial Executive Institute of the Philippines and the Investment Houses Association of the Philippines.
PSE financial adviser JP Morgan is now preparing a final valuation of the acquisition, said Sicat. The PSE would acquire the BAP and SGX shares through share swap deals. — VS, GMA News