PSE acquires SSS stake in PDS

MANILA, Philippines — The Philippine Stock Exchange Inc. is acquiring the stake of Social Security System (SSS) in the Philippine Dealing System Holdings Corp. (PDS).

In a stock exchange filing, the PSE said it has entered into a share purchase agreement with the SSS, with the latter agreeing to sell its 96,388 common shares of stock in PDS.

The shares to be purchased are equivalent to 1.54 percent of the total issued and outstanding stock of PDS.

The shares will be acquired at P600 apiece. 

The PSE has previously closed transactions under the share purchase agreements with Singapore Exchange Ltd., Whistler Technologies Inc., San Miguel Corp., Golden Astra Capital Inc., Financial Executives Institute of the Philippines Research and Development Foundation, Investment House Association of the Philippines and AIA Philippines Life and General Insurance Co. Inc.

It also closed the transactions under the share purchase agreement with Bankers Association of the Philippines, for itself and on behalf of BAP Data Exchange Inc. and certain member-banks.

Last March 20, a member bank of BAP acceded to the share purchase agreement between the PSE and BAP for the acquisition of its 12,500 common shares equivalent to 0.2 percent interest in PDS.

According to the PSE, the total purchase price for the acquisition of the shares from all the sellers has so far reached P2.23 billion.

The PSE intends to align the Philippine capital market with other markets globally, which have a single exchange structure for fixed income and equities through the transactions.

The PDS is the holding company that owns the Philippine Dealing and Exchange Corp., the operator of the fixed income exchange. It also owns the Philippine Depository & Trust Corp., which serves as the depository for equities and fixed income securities.