SEC chairperson Lilia R. Bautista said while the PSE has already divested almost 40 percent of its shares, there is still a need for the exchange to sell another 40 percent to comply with the securities law.
Under the src, no individual can own more than five percent of the exchange and no single business group can hold more than 20 percent. At present, the PSE is still controlled by brokers.
Forty percent is not a substantial compliance. They have to sell the remaining 40 percent to further bring down the ownership of stockbrokers to only 20 percent either through public offering or sale to institutional investors," Bautista noted.
"We appreciate the fact that they were able to sell but they are still not in compliance. The PSE should give us the time frame when to do the sale of the other 40 percent and from there we will see if we could consider," she added.
The Government Service Insurance System (GSIS), PLDT Beneficial Trust Fund, San Miguel Corp. Retirement Fund, Kim Eng Investment Ltd., and KE Strategic Pte. Ltd. bought a total of 5.265 million shares of the exchange, equivalent to a combined 36.4 percent ownership. The shares were purchased for at P629 million or P119.50 each share.
GSIS and the pensions funds of PLDT and San Miguel each agreed to buy 9.1 percent while Kim Eng Investment and KE Strategic (wholly – owned subsidiary of Kim Eng Holdings of Singapore) would each account for a similar 9.1-percent stake.
The PSE is also close to finalizing a deal with a group of foreign investment funds from the United States and United Kingdom for the acquisition of an additional 3.6-percent stake in the PSE. The sale is expected to be completed by Monday (Feb. 16).
The 3.6-percent stake is equivalent to 520,755 secondary shares or 867,171 primary shares of the PSE. The shares will also be sold at P119.50 per share.