Sia, Tan Caktiong eye takeover of shuttered TSI
Tycoons Edgar Sia II and Tony Tan Caktiong are entering the financial technology space, beginning with a proposal to take over and revive recently shuttered brokerage house Tri-State Securities Inc. (TSI).
Through newly created joint venture called BeeDragon Global Corp., the tycoons submitted to the Philippine Stock Exchange an application to acquire 100 percent of TSI’s shares.
BeeDragon is a joint venture among Tan Caktiong’s Honeystar Holdings Corp., Sia’s Injap Investments Inc., and the group of market veteran Jon Carlo Lim. The group intends to rebrand the trading platform under TSI as “DragonFi.”
Under the PSE’s rules on trading rights and trading participants, any change in ownership of a trading participant resulting in a transfer of at least 51 percent of shares must be approved by the local bourse. There must be a minimum capitalization of P100 million.
BeeDragon “aims to provide Filipinos with transformational investment platforms that will provide fast, reliable and secure trade executions to the Philippine equity market. It also intends to provide exclusive digital financial tools and content that is timely, enriching, and easily digestible that can help its customers improve investment outcomes,” Sia said, when asked about the rationale for this investment.
By leveraging “best-in-class” investment technologies, BeeDragon aims to provide “the most advanced web and mobile applications that will satisfy both neophyte and discerning investors alike.”
BeeDragon will be managed by Lim as president and chief executive officer, Cathryn Ann Lao as director and chief technology officer, Sia as chair and Tan Caktiong as co-chair.
Lim received his MBA with concentration in Finance and Accounting from the University of Chicago Booth School of Business. He has over 20 years of financial markets experience.
Based on its general information station filed at the Securities and Exchange Commission, Injap Investments and HoneyStar own one-third each of BeeDragon, while Lim, Lao and Don Alexander own shares equivalent to 14.33 percent, 14 percent and 5 percent, respectively. INQ
