MANILA, Philippines?Financial conglomerate ATR KimEng Financial Corp. (ATRKE Financial) has sold its remaining minority stake in a Nasdaq-listed holding company that owns Mission National Bank of San Francisco, California.

In a disclosure to the Philippine Stock Exchange on Friday, ATRKE Financial said it had entered into a deal to sell its remaining 40,200 shares in MNB Holdings Corp. for a total of $1.23 million.

But the completion of the sale of shares is subject to certain conditions, including any requirement which may be imposed by the United States Federal Reserve Board, the disclosure added.

ATRKE earlier this year likewise sold a bigger block in MNB Holdings consisting of 186,072 shares worth $5.57 million.

The local company has unloaded its shares in MNB to reduce bank borrowings and expand the businesses of its operating subsidiaries and affiliates.