PSE nears full control of PDS after buying more shares

THE Philippine Stock Exchange, Inc. (PSE) is nearing its goal of gaining full control of the Philippine Dealing System Holdings Corp. (PDS) after acquiring additional shares.

The market operator entered into a share purchase agreement on April 14 for an 8% stake in PDS held by consulting company Tata Consultancy Services Asia Pacific Pte. Ltd., which consisted of 500,000 common shares, the PSE said in a regulatory filing on Tuesday.

The transaction, which closed on the same date, increased PSE’s stake in PDS to 91.04%.

The PSE had previously 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, Insular Investment Corp., and Citicorp Capital Philippines, Inc.

The market operator also finalized deals with the Bankers Association of the Philippines and several of its member banks.

In December 2024, the PSE announced a P2.32-billion deal to acquire a 61.92% stake in PDS, which involved the purchase of 3.87 million shares at P600 per share.

According to the PSE, acquiring PDS will align the local capital market with other markets that have a single exchange structure for fixed income securities and equities.

It will also provide a single venue for listing and capital raising, allowing companies easier access to the equities and debt markets.

The market operator held a 20.98% stake in PDS before announcing the acquisition.

PSE shares dropped by 0.54%, or P1, to P184 per share on Tuesday. — Revin Mikhael D. Ochave