The Philippine Stock Exchange Inc. (PSE) and the Bankers Association of the Philippines (BAP) signed a term sheet that will pave the way for PSE’s acquisition of the 28.9 percent stake in the Philippine Dealings System Holdings Corporation (PDS) held by BAP and the entities it is acting on behalf of.
“We are pleased to have the indicative terms and conditions in place and we hope that all goes well from here so that the transaction can be concluded soon,” PSE President and CEO Hans B. Sicat said. “We are looking to acquire a majority stake in the PDS Group. We hope to eventually have a unified equities and bond markets to facilitate further growth of our local capital markets.”
“The BAP is one with the PSE in enhancing our financial markets through this transaction and we shall be working closely together with them to make sure we meet this objective,” BAP President Lorenzo V. Tan explained.
Last August, the PSE disclosed that its Board of Directors authorized the offer to purchase the shareholdings of BAP and other shareholders of PDS based on the total value of PDS of PhP2.25 billion.
PDS is the holding firm of the Philippine Dealing & Exchange Corporation (PDEx), the Philippine Depository & Trust Corporation (PDTC), and the Philippine Securities Settlement Corporation (PSSC).