THE GOVERNMENT Service Insurance System (GSIS) is seeking court approval of a concession that will allow the state-run pension fund to sell its controlling stake in GSIS Family Bank even without prior consent from the Dragon family.
“We’re trying to convince the court to allow us to post a bond to protect whatever interest the minority shareholder or claimer is being infringed by our sale, instead of taking a very slow process,” GSIS president and general manager Robert G. Vergara told reporters last week, The petition was filed with the Makati Regional Trial Court.
Last year, the GSIS tried three times but failed to dispose of its 99.5-percent share in GSIS Family Bank through negotiated sale since bidders had to secure the Dragon family’s consent. The latter is the holder of a mere 0.5 percent in the bank.
“Rather than continue a process that will not result in a viable buyer, then we’re thinking that maybe we should attack it from a different perspective and work with the courts to see what it is that the minority shareholder wants,” Vergara said.
All three tries by the GSIS to sell its controlling stake in the bank last year involved 25,150,006 common shares, 48,758 preferred “A” shares and 1.25 million preferred “C” shares, with a total floor price of P501 million.