THE LAND BANK of the Philippines (LANDBANK) said that about 43% of shareholders in the Philippine Dealing System Holdings Corp. (PDSHC) have accepted the offer to sell their shares, with the share purchase agreement targeted to be inked within the week.
“We can just say that 43% have already accepted our offer, and we are just finalizing now the share purchase agreement. So we hope that this share purchase agreement would be finalized within the week,” LANDBANK President and Chief Executive Officer Alex V. Buenaventura told reporters on the sidelines of the signing of the Pantawid Pasada program on Wednesday, July 11.
Mr. Buenaventura noted that the involved shareholders have also submitted non-disclosure agreements to proceed with further negotiations prior to the signing of the SPA for shares on the PDSHC.
“I cannot disclose the names. I can just generalize that 43% have given us acceptance letters,” he added.
The state-run lender currently owns 1.56% of PDSHC through the Bankers Association of the Philippines (BAP), which holds a cumulative 13.26% share for itself and its member-banks
The government wants to take over at least a majority stake in the fixed-income bourse through LANDBANK to expedite the development of the capital markets and improve the bank’s finances to deliver more robust credit for farmers and small enterprises — as the PSE and PDS merger is seen to be taking too long since talks began in 2013. — Elijah Joseph C. Tubayan