The Philippine Stock Exchange, Inc. (PSE) signed a term sheet with the Bankers Association of the Philippines (BAP) signifying the Exchange’s intent to acquire BAP’s 28.9 percent stake in the Philippine Dealings System Holdings Corporation (PDS).
The PSE has a 20.98 percent ownership in PDS.
“This occasion underscores our commitment to see a unified equities and fixed income exchange. We remain cognizant of the advantages of this consolidation to capital market stakeholders and the Philippine economy and we hope to realize these benefits the soonest possible time,” said PSE President and CEO Hans B. Sicat.
Meanwhile, BAP President Nestor V. Tan explained that the sale of the shares will help shape a better capital markets for the Philippines.
“We welcome this opportunity to bring this deal into completion with the PSE. BAP remains supportive of the goal to have a more efficient financial market through this transaction,” Tan said.
The PDS is the holding company that owns the Philippine Dealing Exchange Corporation, the operator of the fixed income exchange. It also owns the Philippine Depository and Trust Corporation which serves as the depository for equities and fixed income securities.