Asiamerit wants its PSE shares transferred to Equitable Savings

Suspended brokerage firm Asiamerit Securities Inc. is seeking the Securities and Exchange Commission’s (SEC) permission to transfer its 50,000 shares in the Philippine Stock Exchange (PSE) to Equitable Savings Bank as payment for its debt.

Asiamerit said PCIB Securities, a stockbrokerage house owned by EPCI Bank, will facilitate the transfer of shares.

Asiamerit voluntarily suspended operations in 1998 due to thinning market volumes brought about by the Asian financial crisis.

In lieu of a ruling prohibiting brokers from buying PSE shares for their own account, PCIB Securities said it shall immediately dispose of the 50,000 PSE shares it will acquire from Asiamerit.

The Markets Regulation Department said Asiamerit’s request may be granted on the condition it would dispose of the said shares within 90 days and shall not exercise the voting power of the PSE shares in the event that it fails to dispose of the shares with the mentioned period.