MANILA, Philippines — The Securities and Exchange Commission has exempted the group of Roberto V. Ongpin from making a tender offer to buy the stakes of minority shareholders of Philippine Bank of Communications (PBCom).
This comes after PBCom reported to the Philippine Stock Exchange that Ongpin’s group led by ISM Communications Commission has completed the P4.7 billion acquisition of a controlling stake in PBCom.
Ongpin’s group bought 97.28 percent of the bank, consisting of 47.09 million common PBCom shares and 120 million PBCom preffered shares at P27.88 per share, from the Chung, Luy, and Nubla groups. The transaction was made through the PSE Friday.
PBCom said the amount represents the entire stake of the Chung, Luy and Nubla groups in the bank.
The Chung and Nubla groups have expressed their intention to reinvest the proceeds of the sale of their respective shares in PBCom in the bank at the same price or up to a total of P2.8 billion.
Ongpin, through ISM, has been chosen by the three shareholder groups of PBCom as the bank’s major strategic third party investor.
The bank’s three major shareholders – the Nubla and Chung families that hold a combined 58.26 percent stake and the Luy family with around 39 percent – had been looking to dispose of a 67 percent stake as one of the conditions of a P7.6-billion lifeline extended by PDIC in 2004.
PBCom has been on the auction block commanding a floor price of P4.3 billion, or about P25 per common and preferred share.
The bank is ranked 22nd among the country’s 38 commercial banks, with assets of around P43.8 billion at end-2010, according to data provided by the Bangko Sentral ng Pilipinas.
It has P8.4 billion in net loans and receivables and a deposit base of P27.6 billion. (JAL)