The Philippine Stock Exchange (PSE) aims to conclude this week new agreements that will bring it closer to a consolidated ownership of the Philippine Dealing System Holdings Corp. (PDS).
Ramon Monzon, PSE president, in an interview over the weekend said the exchange expects to close this week the deal to acquire the 8 percent equity holdings of Tata Consultancy Services Asia Pacific Pte. Ltd. in PDS, as well as the 3.101 percent of Citicorp Capital Philippines Inc.
The PSE is also working to acquire the 0.08 percent equity of JP Morgan Chase Bank in PDS, as well as that of another foreign bank it did not name.
Monzon talked to reporters on the sidelines of the 20th PDS Annual Awards Night late Friday.
Regarding the other bank owners of the PDS under the ambit of the Bankers Association of the Philippines (BAP), the PSE has already sealed the agreement on the sale of their PDS holdings.
On Friday, the PSE announced that the Social Security System (SSS) has fulfilled the closing conditions on the sale of its 1.54 percent equity in PDS.
At the same time the PSE closed a separate agreement with Insular Investment Corp. covering Insular’s 0.0645 percent equityu in PDS.
This development raised the beneficial ownership of the PSE in PDS to 79.94 percent.
Other entities that have tendered their equity in PDS in favor of the PSE include the BAP Data Exchange Inc., Singapore Exchange Limited, Whistler Technologies Services Inc., San Miguel Corporation Golden Astra Capital Inc., FINEX Foundation, Investments House Association of the Philippines, Mizuho Bank, AIA Philippines Life and General Insurance Company and San Miguel Corp.
The PSE intends to fully acquire all of PDS to consolidate the depository function of the exchange and the dealing system and solely operate the equities and fixed-income securities trading platforms in the country.
