GSIS accepts P501-M offer to buy bank shares

State pension fund Government Service Insurance System on Monday accepted the offer of private equity firm Altus Capital Partners Inc. to buy its stake in GSIS Family Bank for P501 million.

Altus Capital Partners was the only entity to submit an offer before Monday’s deadline for the negotiated sale.

On its website, Altus Capital Partners said it was “a Southeast Asian-based investment banking and asset management firm focused on distressed debt and special situations advisory, investment and management.”

The company’s managing director, Pavan C. Gidwani, authorized a representative to witness the opening of Altus’ offer, which matched the GSIS’ minimum offer price.

The said price was the same as the floor price set when GSIS tried to auction the bank, formerly known as Comsavings Bank, last month.

That last bidding, however, was declared a failure, as no one submitted pre-qualification documents.

Altus Capital Partners, whose office is located at Bonifacio Global City in Taguig City, must still submit the documentary requirements, while the GSIS will seek the Bangko Sentral ng Pilipinas’ (BSP) approval when the private equity company submits all necessary documents, Danilo E. Vinoya, member of the GSIS investment bids and awards committee, told the Inquirer.

The notice of award will be issued only after the BSP grants its go-ahead, Vinoya said.

The sale involved 25.15 million common shares, 48,758 preferred “A” shares, and 1.25 million preferred “C” shares directly and beneficially owned by the GSIS.

It was opened to “all interested entities,” whether bank or nonbank.

As in the previous bidding, the negotiated sale of the GSIS shares is subject to the condition that “the remaining shares of GSIS Family Bank belonging to private stockholders represented by heirs of Renato P. Dragon through Patricia Angeli D. Nubla, shall likewise be sold to the same buyer of the GSIS shares through a separate negotiation and agreement with said private stockholders.”

This is in compliance with a Makati City regional trial court order issued last year.