In a disclosure to the stock exchange on Tuesday, December 23, SMIC through its subsidiary Multi-Realty Development Corp said that it had sold two per cent of its stake in BDO to Khazanah’s subsidiary Pulau Kaca Investments Limited (strategic investment fund of Malaysia).
The amount of the transaction was not disclosed.
According to SMIC, the Khazanah’s stake acquisition will further strengthen BDO Unibank’s institutional shareholder base.
“[The transaction] is a reflection of the bank’s potential, given its industry-leading business franchise, strong balance sheet and good corporate governance,” SMIC said in its statement. “It is also an affirmation of the attractiveness of the Philippines as an investment destination given its strong growth and sound macroeconomic fundamentals.”
Last May, Khazanah had bought an eight per cent stake for (P3 billion) in 8990 Holdings Inc, a locally-listed mass housing developer.