Philippine Digest: Ayala Land ups stake in Prime Orion; PSE eyes more shares in PDS Holdings

A trader takes orders on a telephone at the Philippine Stock Exchange. Source: Reuters

By Mars W. Mosqueda Jr.

January 29, 2018

Philippine real estate giant Ayala Land Inc has paid about $9.7 million to acquire additional shares in Prime Orion Philippines Inc while the Philippine Stock Exchange said it is complying with ownership rules to secure approval for its additional shares acquisition in PDS Holdings.

Ayala Land raises stake in Prime Orion

Listed property developer Ayala Land Inc (ALI) has increased its holding in diversified conglomerate Prime Orion Philippines Inc (POPI) by purchasing an additional 4.14 percent stake from Genez Investments Corporation, POPI said in a disclosure on Monday.

ALI, which already owns 51 per cent of POPI, owner of retail complex Tutuban Center in Manila, acquired through a block sale at the Philippine Stock Exchange 202.7 million common shares of POPI from Genez Investments for about Php497 million ($9.7 million).

POPI has interests in real estate and property development, leasing of warehouses and non-life insurance, with the following intermediate holding companies: Orion Land Inc. (OLI), Orion I Holdings Philippines, Inc., and OE Holdings, Inc. OLI wholly owns Tutuban Properties, Inc., which holds the lease and development rights over Tutuban Center in downtown Divisoria.

Philippine Stock Exchange pursues more PDS Holdings shares

The Philippine Stock Exchange (PSE) has assured the government it is working to comply with ownership rules set by the Securities and Exchange Commission (SEC) as it seeks to finalize the acquisition of additional shares in Philippine Dealings System Holdings Corp (PDS Holdings).

In a disclosure on Monday, the PSE expressed confidence that it will be able to fully comply with Securities Regulation Code requirement to reduce the ownership of broker shareholders to 20 percent, one of the key requirements before the PSE can secure the nod for a merger with PDS Holdings.

“The company has in place several layers of control in the system that will monitor the level of ownership and restrict purchases to maintain the ownership level at 20 percent,” the PSE disclosed.

The PSE also hoped that it will obtain the exemptive relief from the SEC soon to allow it to finalize the acquisition of additional shares in PDS Holdings Corporation, the country’s fixed-income bourse.

Also Read:

Ayala Land acquires 51% stake in PH conglomerate POPI for $121m

Philippine Digest: Robinsons Land eyes $394m rights offer; Easycall to offer more shares

 

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In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.
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