Business and Economy
PSE hopes to close merger deal with PDS before year-end
FILE: PSE president Ramon Monzon said the Philippine Competition Commission (PCC) has already cleared the unification deal, noting “that’s one regulatory obstacle that we overcome.” (Photo by Katrina.Tuliao (https://www.tradergroup.org) [CC BY 2.0)
PSE president Ramon Monzon said the Philippine Competition Commission (PCC) has already cleared the unification deal, noting “that’s one regulatory obstacle that we overcome.”
“I would like to think it will happen before the end of the year,” he told reporters last week.
Monzon is optimistic the PSE will be able to comply with the 20-percent limit on ownership of an exchange with its conduct of stock rights offer.
“When you are adding the share offer, the ownership of the brokers will automatically be diluted. We believe we will actually achieve less than 20 percent of stockbroker ownership with the 11.5 million shares (stock rights offering),” he said.
The PSE earlier said the issuance was part of the company’s compliance plan to align the shareholder ownership with the limits set by the Securities and Regulation Code.
Monzon further said the PSE also filed a listing application of the shares and registration statement with the Securities and Exchange Commission (SEC).
The PSE lists follow-on and initial public offerings.
“So hopefully, it just involves a little more dialogue, a little more explanation and successfully in doing that before the end of the year, hopefully, we can get exemptive relief from SEC,” he added.
The PSE-PDS merger is seen to enhance the liquidity in the financial markets. (PNA)
