GSIS seeks new offers for bank stake | Inquirer Business
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GSIS seeks new offers for bank stake

By: - Reporter / @bendeveraINQ
/ 05:34 AM June 25, 2015

The Government Service Insurance System on Wednesday sought fresh offers for its stake in GSIS Family Bank, as the lone entity whose offer under a negotiated sale was accepted by the state pension fund last Monday was found lacking requirements.

In a notice, the GSIS’ investment bids and awards committee (Ibac) said that upon evaluation, the documents submitted by Altus Capital Partners Inc. were “incomplete,” hence, “no party satisfied the requirements.”

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“We are setting another deadline, June 30, 2015, for all interested parties for the submission of new offers and documentary requirements enumerated in the guidelines for the negotiated sale of the GSIS shares in GSIS Family Bank as implemented by the Ibac,” it said.

As for one requirement, certification issued by the private stockholders represented by the heirs of Renato P. Dragon must be submitted on or before July 3, the GSIS said.

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Altus Capital Partners, which on its website claimed to be “a Southeast Asian-based investment banking and asset management firm focused on distressed debt and special situations advisory, investment and management,” was the only party that submitted an offer last Monday for the negotiated sale.

The company matched the minimum offer price of P501 million to buy the pension fund’s stake in the thrift bank.

It was the same as the floor price set when the GSIS tried to auction off the bank, formerly known as Comsavings Bank, last month. That bidding, however, was declared a failure, as no one submitted pre-qualification documents.

A series of failed auctions prompted the pension fund to try a negotiated sale for its GSIS Family Bank stake.

The sale involves 25,150,006 common shares, 48,758 preferred “A” shares, and 1.25 million preferred “C” shares directly and beneficially owned by the GSIS.

The GSIS said it would remain open to “all interested entities,” whether bank or nonbank.

The negotiated sale of the GSIS shares is also subject to the condition that “the remaining shares of GSIS Family Bank belonging to private stockholders represented by the 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.

The GSIS is offering an incentives package to potential buyers under the Monetary Board’s (MB) Resolution No. 224 issued last February.

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TAGS: Government Service Insurance System, GSIS, GSIS Family Bank, Insurance
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