PSE sets Nov deadline for purchase of PDS stake

Rappler.com

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PSE hopes to fulfill conditions for the acquisition of stake in bond exchange operator Philippine Dealing Systems Holdings Corp. by November
MERGER. The Finance department has been pushing for the merger of the Philippines' stock and bond exchanges to deepen the capital markets. Photo by Cai Ordinario

 

MANILA, Philippines — The Philippine Stock Exchange (PSE) signed two Memorandum of Agreements (MOAs) extending the deadline for its planned acquisition of a 45% stake in bond exchange operator Philippine Dealing Systems Holdings Corp. (PDS).

PSE said in a disclosure on Friday, August 16, the MOAs extend to November 30 the deadline for conditions set under previous agreements with PDS owners Singapore Exchange Ltd. (SGX) and Bankers Association of the Philippines (BAP).

“The MOAs originally set out the preparatory steps to be undertaken by the parties in pursuance of the proposed acquisition by the company of the shareholdings of SGX and BAP in the [PDS]. Under the aforementioned MOAs, the terms of the MOAs would have expired on 18 August 2013, the parties agreed to amend the MOAs to extend the terms thereof to 30 November 2013,” said Hans Sicat, PSE president and chief operating officer.

PSE owns 20% of PDS. The acquisition will bring the exchange’s interest to 65%.

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 Department of Finance has been pushing for the merger of the stock and bond exchanges – Rappler.com

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