BDO UNIBANK, Inc. is selling its majority stake in its investment holding company Dominion Holdings, Inc. (DHI).
The bank on Monday (Jan. 19) signed a share purchase agreement with Monte Sur Equity Holdings, Inc. to sell 1,513,732,718 or 70% of its shares in the investment holding company at P1.68 per share or about P2.54 billion, it said in a disclosure to the stock exchange on Tuesday.
Following the sale, DHI will no longer be a subsidiary of BDO.
“The disposition of DHI is aligned with BDO Group’s continuing policy of streamlining its organizational structure following the conversion of DHI into an investment holding company,” the bank said.
The transaction is still subject to closing conditions and regulatory approvals. — A.M.C. Sy
