In a stock exchange filing on Thursday, the PSE said it entered into a share purchase agreement with BAP and its members to purchase 18.62 percent of PDS Group.
While this is below the 28.83 percent outlined in their Dec. 26 term sheet, industry sources told InsiderPH the shortfall was due to final requirements from other members, which include government banks.
The PSE, led by president and CEO Ramon Monzon, is also moving to finalize agreements with other government and private financial institutions with shares in PDS.
Moving rapidly to consolidate control since the PSE has signed final agreements to gain control of the PDS Group with shareholdings of at least 55.53 percent.
These include the purchase of shares held by Singapore Exchange Ltd. (20 percent), Whistler Technologies Services Inc. (8 percent), San Miguel Corp. (4 percent), and Golden Astra Capital (0.36 percent).
Other transactions involve FINEX Research and Development Foundation (1.54 percent) and the Investment House Association of the Philippines (0.65 percent).
Prior to the deal, the PSE already held 20.98 percent of PDS Group.
It is also moving to close the purchase of shares held by BAP, AIA (4 percent) and Mizuho Bank (0.08 percent).
Late last year, the PSE announced plans to purchase up to 100 percent of PDS Group, which was valued at P3.75 billion.
Miguel R. Camus has been a reporter covering various domestic business topics since 2009.
