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MANILA, Philippines – The Philippine Stock Exchange (PSE) may further increase its interest in bond exchange operator Philippine Dealing System Holdings Corp. (PDS), where it has agreed to buy a 45% stake.
PSE president and CEO Hans Sicat said the exchange could end up owning over 65% of PDS as minority shareholders are also looking to sell their shares.
PSE earlier signed agreements with the Singapore Stock Exchange (SGX) and the Bankers Association of the Philippines (BAP) to come up with the terms for its proposed acquisition of a 45% interest in the bond exchange operator. PSE now owns 20% of PDS.
“The PSE could end up with more than 65% because we are assuming that there are other shareholders who will tag along,” Sicat said.
Other shareholders of PDS include TATA Consulting Services Pte. Ltd, Computershare Technology Services (Phils) 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.
The finance department has been pushing for the country’s stock and bond exchanges to merge, saying the move would result in lower expanses for both and contribute greatly to deepening the capital markets. – Rappler.com
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