The PSE signed agreements with shareholders of the Philippine Dealing System Holdings Corp. (PDS) to acquire 61.92 percent of the holding company that owns the Philippine Dealing & Exchange Corp. (PDEx) for P2.32 billion.
With the addition of its existing 20.98 percent stake, the PSE will own 82.9 percent of PDS upon completion of the transactions, which are subject to the customary closing conditions, including corporate approvals and delivery of closing certificates.
"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," Monzon said.
Under the transactions, PSE will be purchasing 3.87 million PDS shares at P600 apiece for a total of P2.32 billion. The transaction cost was based on the P3.75 billion enterprise value of PDS.
This story is from the December 28, 2024 edition of The Philippine Star.
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This story is from the December 28, 2024 edition of The Philippine Star.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
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