Gov’t approves UCPB recapitalization, sale of majority stake by September | Inquirer Business
Thursday, August 16, 2018
  • share this

Gov’t approves UCPB recapitalization, sale of majority stake by September

By: - Reporter / @bendeveraINQ
/ 09:43 AM May 13, 2015


The government’s Privatization Council on Tuesday approved the sale of its majority stake in United Coconut Planters Bank (UCPB) as well as the lender’s capitalization.

Finance Undersecretary Gil S. Beltran told reporters on Tuesday night after the council’s meeting that the Privatization and Management Office aims to dispose the government shares in UCPB by September. “Starting today, the privatization of UCPB will be set into motion,” he said.

READ: Gov’t wants UCPB sale fast-tracked


Beltran, who is the acting chair of the Privatization Council, said the government will sell its 73.9-percent share in the lender while requiring a minimum bid entailing recapitalization of UCPB worth P15 billion.

READ: Gov’t set to bid out stake in UCPB

The Finance official also said the government is proceeding with the auction of the “Payanig sa Pasig” property despite the legal challenges posed by claimants to the 18.5-hectare land.

Don't miss out on the latest news and information.
View comments

Subscribe to INQUIRER PLUS to get access to The Philippine Daily Inquirer & other 70+ titles, share up to 5 gadgets, listen to the news, download as early as 4am & share articles on social media. Call 896 6000.

TAGS: Gil Beltran, Payanig sa Pasig, Privatization, Sale, UCPB, United Coconut Planters Bank
For feedback, complaints, or inquiries, contact us.

2 killed, 39 arrested in Bohol police operations

August 16, 2018 11:08 PM


NCAA suspends Ilagan for 3 games

August 16, 2018 10:46 PM


‘Queen of Soul’ Aretha Franklin has died

August 16, 2018 10:11 PM

© Copyright 1997-2018 | All Rights Reserved

We use cookies to ensure you get the best experience on our website. By continuing, you are agreeing to our use of cookies. To find out more, please click this link.