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SM Investments raises stake in BDO to 52%.
(From Philippine Daily Inquirer)
Byline: Elizabeth L. Sanchez
SM INVESTMENTS Corp.'s stake in Banco de Oro Universal Bank rose to 52 percent from 47 percent following the purchase of an additional 5-percent interest in the commercial bank worth P1.068 billion.
In a disclosure to the Philippine Stock Exchange, BDO said SMIC bought the 5.14-percent stake of DBS Hongkong Ltd. in the bank, equivalent to 47.99 million shares in BDO at P22.268 per share.
The sale was completed at the stock market yesterday. BDO closed at P31 per share. The price at which SMIC bought its additional stake is in line with BDO's secondary offer to the foreign market last November at P21 per share.
With this sale, DBS Hongkong has fully divested its interest ...
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