The Philippine Stock Exchange (PSE) has successfully acquired a significant stake in Philippine Dealing System Holdings Corp. (PDSHC), bringing the bourse closer to consolidating the country's equities and fixed-income exchanges.
The Philippine Stock Exchange (PSE) announced on Monday the completion of its acquisition of a 4.0-percent stake held by AIA Philippines Life and General Insurance Co. Inc. in Philippine Dealing System Holdings Corp. ( PDSHC ). This move effectively increased the PSE's ownership in PDSHC to nearly 60 percent. The closing of the deal with AIA, which fulfilled its closing conditions last Friday, brought the PSE closer to its goal of consolidating the country's equities and fixed-income exchanges.
Last week, the PSE also entered into a share purchase agreement with the Bankers Association of the Philippines (BAP) to acquire the 18.62 percent stake held by the BAP, BAP Data Exchange Inc., and member-banks in PDSHC. The PSE stated that with its existing 20.98-percent equity interest in PDSHC and the AIA purchase agreement now finalized, 'the company will beneficially own 59.53 percent of PDSHC.' The PDS Group owns Philippine Dealing and Exchange Corp., the operator of the fixed-income exchange, and the Philippine Depository and Trust Corp., which serves as a depository for equities and fixed-income securities. These transactions are part of the PSE's plan to acquire up to 100 percent of PDSHC. A merger, according to the PSE, will align the Philippine capital market with other global markets that have a single exchange structure for both fixed income and equities. It will provide a single venue within the Philippines for listing and capital-raising, making it easier for companies to access both the equities and debt markets. A merged platform will also facilitate 'more efficient integrated market surveillance and monitoring for both equities and fixed income markets for investor protection.
PHILIPPINE STOCK EXCHANGE PDSHC MERGER CAPITAL MARKETS FIXED INCOME EQUITIES
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