Investors keen on buying PBCom
Several local groups have offered to acquire mid-sized Philippine Bank of Communications (PBCom), the bank said Thursday.
In a disclosure to the local bourse, the bank said it had submitted offers from various groups to its financial adviser Macquarie Capital Advisers, which will evaluate the bids.
Macquarie will then submit its “appropriate recommendation to PBCom and its major stockholders, subject to the final approval of the Bangko Sentral ng Pilipinas (BSP) and the PDIC.”
The deadline for the submission of offers was last June 15.
Earlier, the group of former Trade Minister Roberto V. Ongpin through unit ISM Communications said it was interested in acquiring a majority stake in PBCom.
ISM, formerly a telecom firm, is being used as a vehicle for the Ongpin group’s diversification into other industries.
The country’s largest lender, Banco de Oro Unibank, had also sent some “inquiries” on the bidding. At least two other banks—Security Bank and East West Bank—that had participated in the earlier bidding for PBCom may also consider rejoining this new round, other banking sources said.
PBCom is up for rebidding at a floor price of about P4.3 billion, or about P25 per common and preferred share. The Macquarie group is advising PBCom’s controlling stakeholders on the sale.
PBCom shares rose 1.44 percent on Thursday to P70 each.—Paolo G. Montecillo
