Hans Sicat elected as non-broker director of PSE

MANILA, Philippines — Former Philippine Stock Exchange president Hans Sicat is back in the board of the PSE as director after heading the local bourse for six years until May 2017.

During the company’s annual stockholders’ meeting on Saturday, Sicat was elected as non-broker director replacing Edgardo Lacson.

Sicat, country head of ING Bank’s Manila Branch, is an investment banker, having worked for Citigroup and its predecessor firms Citicorp and Salomon Brothers in the Philippines, Hong Kong and New York City.

He is a trained mathematician and economist and a major player in global capital market for about three decades.

 Also elected last Saturday were Ramon Monzon, PSE president, and non-broker directors Anabelle Chua, Amor Lliscupidez and Jesus Clint Aranas. Broker directors are Eusebio Tanco, Francis Chua, Emmanuel Bautista, Vivian Yuchengco, Wilson Sy, Alejandro Yu and Eddie Gobing.

 PSE chairman Jose Pardo, Dakila Fonacier and Vicente Panlilio are independent directors.  

Meanwhile, PSE’s Monzon said they would still study the offer of Land Bank of the Philippines to purchase PSE’s entire equity interest in the Philippine Dealing System Holdings Corp. for P472 million. 

Landbank is also interested in acquiring the PDS Group.

Monzon said the PSE won’t engage in a bidding war.

He said the PSE would still have to study Landbank’s offer and clarify some matters with the government financial institution before deciding on it.

Landbank, he said, would like to do a due diligence. He said they would have to clarify first how long it would take and if it would affect the final price.

The PSE has been trying to acquire the PDS Group to unify the country’s stock market and fixed-income exchange but has failed to obtain an exemptive relief from the Securities and Exchange Commission.

The Securities Regulation Code, the corporate code in the country, imposed a 20 percent limit on ownership of an exchange by any industry or business limit on ownership of an exchange by any industry or business group since it took effect in 2000.