PBCom for sale at P4.3B floor price

Medium-sized lender Philippine Bank of Communications is up for rebidding to prospective new investors this month at a floor price of about P4.3 billion, banking sources told the Inquirer.

The Macquarie group, adviser to PBCom’s controlling stakeholders, recently sent a new round of invitations to several banks that might be interested to expand through a merger and acquisition, the sources said.

Interested parties were given until May 31 to submit a proposal to the key shareholders of PBCom who are willing to sell their shares at a minimum price of P25 a share, the sources said. This was the same level at which the shares were put up for sale in an earlier bidding.

Read more at Philippine Daily Inquirer


Con Yap