GSIS’ Family Bank attracts lone bidder

The latest round of the planned negotiated sale of Government Service Insurance System’s controlling stake in GSIS Family Bank attracted a lone bidder, which had tried but failed to buy the bank twice.

Danilo E. Vinoya, member of the GSIS investment bids and awards committee (Ibac), told the Inquirer that only Altus Capital Partners Inc. submitted on Oct. 5 a financial offer and the documents required for the purchase of the 99.5-percent stake of the state-run pension fund in GSIS Family Bank.

But Vinoya said since the financial bid and the other documents were still with the technical working group, the Ibac has yet to determine if Altus’ offer matched or exceeded the P501-million floor price and if it had submitted the required consent letter from the Dragon family—former private owners of the thrift bank.
On its website, Altus claims to be a “Southeast Asian-based investment banking and asset management firm focused on distressed debt and special situations advisory, investment and management.”

The GSIS has been trying to sell its shares in the thrift bank composed of 25,150,006 common shares, 48,758 preferred “A” shares and 1.25 million preferred “C” shares.

The negotiated sale remains subject to the condition that the remaining 0.5 percent of GSIS Family Bank belonging to private stockholders represented by the heirs of former Cavite Rep. Renato P. Dragon through Patricia Angeli D. Nubla will also be sold to the same buyer through a separate negotiation and agreement.