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Manila Bulletin devider Business devider The Stock Market devider FINEX Foundation joins other shareholders in selling PDS stake to PSE

FINEX Foundation joins other shareholders in selling PDS stake to PSE

Published Jan 2, 2025 01:22 am

The Financial Executives Institute of the Philippines Research and Development Foundation (FINEX Foundation) has decided to join other shareholders of the Philippine Dealing System Holdings Corporation (PDSHC) in selling its stake to the Philippine Stock Exchange (PSE).

In a disclosure by the PSE, it has entered into a share purchase agreement with FINEX Foundation on Dec. 27, 2024 for the acquisition of 96,388 common shares of PDSHC equivalent to a 1.54 percent interest.

Valued at P57.83 million based on the price of P600 per share, the FINEX Foundation stake increases the PSE’s recent acquisition of PDSHC shares to 63.46 percent of PDSHC from the initial 61.92 percent to and will raise the PSE’s interest to 84.44 percent once these are completed.

The PSE signed agreements with PDS shareholders last Dec. 26, 2024 to purchase a total of 3.87 million PDSHC shares for P2.32 billion. The transaction cost was based on the P3.75 billion enterprise value of PDSHC or P600 per share.

Among the agreements signed was the term sheet with the Bankers Association of the Philippines (BAP) for its shares and those owned by BAP Data Exchange Inc. and certain member-banks for an equivalent of 28.83 percent of PDS. A term sheet was likewise signed with Mizuho Bank Ltd. for its 0.08 percent stake.

The PSE also inked share purchase agreements with five other PDS shareholders. PSE will acquire Singapore Exchange Limited’s 20 percent stake; Whistler Technologies, Inc.’s eight percent; San Miguel Corporation’s four percent; Investment House Association of the Philippines’ 0.65 percent; and Golden Astra Capital, Inc.’s 0.36 percent shareholding in PDS.

“These signed agreements bring us a step closer to achieving our objective of consolidating the equities and fixed income exchanges and realizing the synergies and efficiencies from this unified setup," said PSE President and CEO Ramon S. Monzon.

“This will also allow us to be instrumental in the growth and development of the Philippine capital market with the introduction of new products for various stakeholders as well as the implementation of risk management processes,” he added.

The PDS is the holding company that owns the Philippine Dealing & Exchange Corporation, the operator of the fixed income exchange. It also owns the Philippine Depository & Trust Corp. which serves as the depository for equities and fixed income securities.

The transactions are subject to the customary closing conditions, including corporate approvals and delivery of closing certificates.

Related Tags

Philippine Stock Exchange Financial Executives Institute of the Philippines Research and Development Foundation Financial Executives Institute of the Philippines (FINEX) Philippine Dealing System Holdings Corporation (PDS)
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