SEC to Review PSE's Acquisition of PDS

The Securities and Exchange Commission (SEC) said Tuesday it will review the Philippine Stock Exchange’s (PSE) planned acquisition of a controlling stake in Philippine Dealing System Holdings Inc. (PDS) to ensure that the deal will lead to operational efficiencies. The SEC said it will look into the detailed, concrete and time-bound operational plan and governance framework that the PSE is required to submit in support of its proposed merger with PDS.

“This will ensure that the proposed integration of the PSE and the PDS Group will lead to greater access to both fixed-income and equity products for retail investors, reduced cost of trading securities, promote market integrity through adequate representation, and similar efficiencies and benefits for issuers and other market participants,” the SEC said.The SEC said, however, it sees the potential value of having a unified equities and fixed-income exchange in further deepening the Philippine capital market, toward wider investor participation and financial inclusion for all. The SEC gave the PSE the “go” signal to negotiate and prepare for its merger with the PDS Group in November 2023. The SEC granted the PSE exemptive relief in December 2023 to allow it to exceed the mandatory limit of 20-percent ownership and voting rights in an exchange by an individual or an industry, giving it leeway to own up to 100 percent of the PDS Group. The PSE reported last month it would acquire another 61.92-percent stake in PDS for P2.32 billion after signing agreements with PDS shareholders including the Bankers Association of the Philippines, Singapore Exchange Limited, Whistler Technologies Inc., San Miguel Corp and Investment House Association of the Philippines. Prior to the deal, the PSE owned 20.98 percent of the issued and outstanding capital stock of the PDS Group

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