LandBank starts due diligence in PDS acquisition

State-owned Land Bank of the Philippines said Tuesday it has started initials steps to buy majority stake in fixed-income exchange operator Philippine Dealing System Holdings Corp. (PDS Holdings).

A due diligence covering 66.67 percent of PDS has begun, the lender noted in an emailed statement.

“On Jan. 29, 2018, LandBank president Alex Buenaventura said he had a very fruitful meeting with the Securities and Exchange Commission (SEC), to discuss the procedure for applying for a Petition for Exemptive Relief with the regulatory body,” the bank said.

“The meeting was held five days after Buenaventura wrote to the SEC, requesting for a meeting to discuss the application process for seeking an exemption under Section 33.2 of Republic Act No. 8799, otherwise known as the ‘Securities and Regulations Code’,” it added.

Buenaventura said the LandBank board approved in principle on January 23 the acquisition of at least 66.67 percent or a controlling interest in PDS.

“With the board approval, the only thing left to do is to finish our due diligence and report to the board,” Buenaventura noted.

“We thank the SEC for accommodating our request, even on short notice. Rest assured that we will comply with all applicable laws in acquiring PDS,” he added. —Ted Cordero/VDS, GMA News