PSE buys SMC shares in PDSHC
MANILA, Philippines — The Philippine Stock Exchange (PSE) has signed an agreement to acquire San Miguel Corp.’s shares in the Philippine Dealing System Holdings Corp. (PDSHC).
The move is in line with the PSE’s acquisition of PDSHC, the operator of the Philippine Dealing & Exchange Corp. (PDex).
SMC agreed to sell to the PSE 250,000 common shares of PDSHC, equivalent to four percent of the total and issued outstanding stock of the latter.
“The purchase is subject to certain closing conditions including the approval of the Securities and Exchange Commission and compliance with the provisions in the articles of incorporation of PDSHC, among others,” the PSE said in a disclosure yesterday.
The share purchase agreement with SMC follows similar transactions the PSE entered into last year. These include the share purchase agreement with the Bankers Association of the Philippines, the Investment House Association of the Philippines, the Philippine American Life and General Insurance Co., the Financial Executives of the Philippines and Whistler Technologies Services Inc.
The PSE has been working on a plan to merge with the PDEx to develop a robust Philippine capital market.
It will hold a stock rights offering involving up to 11.5 million common shares.
The issuance is part of the company’s plan of merger.
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