GSIS fails to sell thrift bank stake for third time
For the third time, the Government Service Insurance System (GSIS) failed to dispose of its controlling stake in GSIS Family Bank through a negotiated sale.
“The [Investment Bids and Awards Committee] declared the failure of negotiated sale of all GSIS shares in GSIS Family Bank since no party fully complied with the requirements, as published on Sept. 11,” Ibac chairperson Severina L. Resurreccion said in an advisory dated Oct. 12.
Ibac member Danilo E. Vinoya earlier told the Inquirer only Altus Capital Partners Inc. submitted last Oct. 5 a financial offer to purchase the 99.5-percent share of the state-run pension fund in the thrift bank, formerly known as Comsavings 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.”
Altus submitted bids the first and second time GSIS tried to dispose of its shares back in June and July.
On both occasions, Altus was unable to get the Dragon family’s consent. The negotiation was subject to the condition that the remaining 0.5 percent of GSIS Family Bank, belonging to the heirs of former Cavite Rep. Renato P. Dragon, will also be sold to the same buyer through a separate agreement.
All three tries by the GSIS to sell its majority shares in the bank—with a floor price of P501 million—involved 25,150,006 common shares, 48,758 preferred “A” shares, and 1.25 million preferred “C” shares.
GSIS has already accepted Phindep Development Corp.’s P502-million offer back in July as it was the lone entity that submitted the required consent letter from the Dragon family.
Ibac later dropped the deal, however.
Securities and Exchange Commission (SEC) documents showed that Phindep, a real estate firm, was based in Cavite—the province where the late Dragon had served as representative to Congress. The company was registered with the SEC only in March, with an authorized capital stock of just P1 million.
