PSE buys 8% of PDS Holdings from Tata Consultancy

The Philippine Stock Exchange Inc. has signed a share purchase agreement covering an 8-percent ownership in Philippine Dealing System Holdings Corp. (PDS Holdings).

In a filing by PSE corporate information officer Aissa Encarnacion, the company said it signed the deal with IT consulting services firm Tata Consultancy Services Asia-Pacific Phils. Inc. on January 15.

Both companies agreed that the PSE will acquire 500,000 common shares of PDS holdings from Tata Consultancy at P304.228 per share or a total of P152,114,000.

“This transaction is envisioned to facilitate further growth in the local capital markets by introducing efficiencies in the trading and back office systems of both the equities and fixed income markets, among others,” the PSE said.

“It is aimed at creating a better environment for the introduction of more products and services for the various market stakeholders, as well as the implementation of improvements in risk management processes,” it said.

The PSE has signed a separate share purchase agreement with the Bankers Association of the Philippines (BAP) Credit Bureau for 1,466,800 common shares or 23.47 percent of PDS Holdings.

It also inked similar deals with the following shareholders of PDS Holdings:

• Whistler Technologies Services Inc. for 500,000 common shares or 8 percent of PDS Holdings

• Investment House Association of the Philippines (36,446 shares or 0.5831 percent)

• Philippine American Life and General Insurance Co. (250,000 shares or 4 percent)

• Financial Executives Institute of the Philippines Research and Development Foundation (192,776 shares or 3.0844 percent)

• San Miguel Corp. (250,000 or 4 percent)

“All of the above-mentioned purchases shall be subject to the approval of government agencies, particularly the Securities and Exchange Commission and Philippine Competition Commission as required by law and regulation,” the PSE said.

The planned acquisition of PDS Holdings was earlier deemed approved by the antitrust commission.

PSE President Ramon Monzon has said they are working to get the SEC approval for the transaction that would eventually integrate the fixed-income and capital markets under one roof to proceed. — Jon Viktor Cabuenas/VDS, GMA News