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MANILA, Philippines – Malaysia’s Khazana Nasional Berhad has acquired 2% stake in Sy-led BDO Unibank Inc. after a subsidiary of the SM group sold a portion of its shares to the state-owned investment holding arm.
In a disclosure to the Philippine Stock Exchange (PSE), SM Investments Inc said the deal was made between its subsidiary Multi-Realty Development Corp. and Pulau Kaca Investments Limited, a unit of Khazana Nasional.
The SM unit did not disclose figures of the acquisition, but it said “the entry of Khazanah is seen to further strengthen the bank’s institutional shareholder base.”
“It is also an affirmation of the attractiveness of the Philippines as an investment destination given its strong balance sheet, and good corporate governance,” SM Investments Inc. said in a statement on December 23.
Sources said the SM unit earned P7.45 billion ($166.67 million*) from the deal at P104 ($2.33) per share.
BDO’s trading price closed at P109.70 ($2.45) apiece, up by 0.27% from its opening price on December 23 at the PSE.
Multi-Realty Development Corp. had an 8.81% interest in BDO at 315.302 million shares.
Khazana Nasional is Malaysia’s sovereign fund with diverse interests, among them include agriculture, healthcare, infrastructure, media, tourism, property, and power.
BDO’s net income for the first 9 months of this year reached P16.8 billion ($375.84 million), lower than its P18.2 billion ($407.16 million) earnings year-on-year. – Rappler.com