THE PHILIPPINE Stock Exchange, Inc. (PSE) has increased its stake in Philippine Dealing System Holdings Corp. (PDS) to 83.04% after closing a share purchase deal with financial advisory company Citicorp Capital Philippines, Inc.
The PSE purchased 193,999 common shares in PDS held by Citicorp, equivalent to a 3.10% stake, as part of a share purchase agreement signed on April 11, the market operator said in a regulatory filing on Monday.
The closing conditions of the share purchase agreement were also completed on the same date, the PSE said.
Prior to the Citicorp deal, the PSE had closed transactions with Singapore Exchange Ltd., Whistler Technologies Inc., San Miguel Corp., Golden Astra Capital, Inc., the Financial Executives Institute of the Philippines Research and Development Foundation, the Investment House Association of the Philippines, AIA Philippines Life and General Insurance Co. Inc., the Social Security System, and Insular Investment Corp.
The market operator also closed deals with the Bankers Association of the Philippines and some of its member banks.
The PSE is acquiring PDS shares from various shareholders as part of its plan to provide a facility to trade fixed income, equities, and other products in a unified marketplace.
PDS operates the Philippine Dealing and Exchange Corp., the Philippine Depository and Trust Corp., and the Philippine Securities Settlement Corp.
The PSE said in December last year that it is purchasing a 61.92% stake in PDS under a P2.32-billion deal. The market operator is buying 3.87 million PDS shares at P600 apiece.
The market operator held a 20.98% stake in PDS before the announcement of the acquisition.
The PSE posted a 57.5% jump in its net income for 2024 to P1.21 billion from P766.31 million in 2023 after its takeover of PDS.
On Monday, PSE shares rose by 3.35% or P6 to P185 each. — Revin Mikhael D. Ochave
