This acquisition will raise PSE’s total stake in PDS to 82.9 percent, the bourse said in a statement issued in the evening of Thursday, Dec. 26, 2024.
At an acquisition price of P600 per share, the purchase involves 3.87 million PDS shares. The valuation is based on PDS’ enterprise value of P3.75 billion.
Key agreements signed on December 26 include a term sheet with the Bankers Association of the Philippines (BAP) for its 28.83-percent stake, as well as shares owned by BAP Data Exchange Inc. and several member banks.
Additionally, PSE signed agreements to acquire Singapore Exchange Limited’s 20-percent stake, Whistler Technologies Inc.’s 8 percent, San Miguel Corporation’s 4 percent, and smaller holdings from Investment House Association of the Philippines and Golden Astra Capital Inc.
“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,” PSE president and CEO Ramon Monzon said.
“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 acquisition — proposed as early as 2012, but faced with regulatory hurdles since then — positions PSE to enhance its market infrastructure by integrating operations, streamlining services, and expanding its product offerings.
The PDS operates the fixed income exchange and serves as a depository for equities and fixed income securities.
The transactions are subject to customary closing conditions, including corporate approvals and the delivery of required documents, the stock exchange said. — Ed: DLL
