Bourse to auction off brokerage seat anew
More News from Philippine Daily Inquirer
The Philippine Stock Exchange will attempt anew to bid out the trading right held by Sapphire Securities Philippines Inc., a local brokerage house once owned by sovereign wealth fund manager Brunei Investment Agency.
In a circular dated March 26, the PSE said it would bid out the trading right of Sapphire for a minimum price of P10 million on July 5. This will be the second time for the PSE to auction off this trading right after the first bidding failed last year.
Interested bidders for this new round are given until May 16 to register and submit their requirements. For those who will pass pre-qualification requirements, the deadline for submission of bid forms and bid envelopes will be on June 5.
This trading right is the subject of a court case that was resolved by the Supreme Court in a 2010 decision that stripped Brunei of the trading right and transferred it to Nezpercez Trading Corp. arising from “Kevin G. Khoe vs. Sapphire Securities Phils. Inc., et. al.” The end-result was that Brunei’s sovereign wealth fund manager involuntarily lost the trading right to Khoe, a fund manager who had some dealings with Sapphire in the 1990s. Doris C. Dumlao
Get Inquirer updates while on the go, add us on these apps:
Disclaimer: The comments uploaded on this site do not necessarily represent or reflect the views of management and owner of INQUIRER.net. We reserve the right to exclude comments that we deem to be inconsistent with our editorial standards.
To subscribe to the Philippine Daily Inquirer newspaper in the Philippines, call +63 2 896-6000 for Metro Manila and Metro Cebu or email your subscription request here.
Factual errors? Contact the Philippine Daily Inquirer's day desk. Believe this article violates journalistic ethics? Contact the Inquirer's Reader's Advocate. Or write The Readers' Advocate:
c/o Philippine Daily Inquirer Chino Roces Avenue corner Yague and Mascardo Streets, Makati City,Metro Manila, Philippines Or fax nos. +63 2 8974793 to 94