Ongpin group wins bid for PBCom
MANILA, Philippines—The group of former Trade Minister Roberto V. Ongpin has won the bidding for a controlling stake in Philippine Bank of Communications.
PBCom disclosed to the Philippine Stock Exchange on Thursday that the Ongpin-led ISM Communications Corp. had been selected by the selling shareholders—the Luy, Nubla and Chung families—as the bank’s “third party” investor subject to regulatory approvals.
In a separate disclosure, ISM said it had received a letter from Macquarie Capital advisers, the financial adviser on the transaction, advising it that it had won the bidding.
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