Landbank taking steps to acquire majority stake in PDS
This state-run bank is serious about taking control of the fixed-income market.
The Land Bank of the Philippines said it is now conducting due diligence for its plan to acquire the controlling stake at the Philippine Dealing System Holdings Corporation (PDSHC).
In fact, Landbank President Alex Buenaventura said he has sat down with the Securities and Exchange Commission (SEC) to work out plans to buy 66.67 percent of the fixed-income exchange, as they will seek relief to be exempted from the ownership cap imposed by the regulator.
“Rest assured that we will comply with all applicable laws in acquiring PDS,” Buenaventura said in a statement.
The Philippine Stock Exchange previously sought to buy the majority stake, but such plan was thumbed down by the SEC.