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Saturday, August 06, 2005
Go family to sell stake in EPCI Bank to BDO
The Go Family group has agreed to sell its entire stake in Equitable PCI Bank Inc. and Equitable Card Network Inc. to Banco de Oro Universal Bank (BDO) and the SM Group.
The shares are equivalent to a 24.76 percent interest in the bank and a 10 percent stake in the credit card company, Banco de Oro said in a disclosure to the Philippine Stock Exchange (PSE).
Equitable PCI Bank is the country’s third largest bank, with resources of P334 billion and a deposit base of P206 billion as of June 30, 2005.
On the other hand, Banco de Oro, which is majority owned by retail magnate Henry Sy’s SM Group of Companies, is ranked eighth in terms of resources and loans, and sixth in terms of deposit and capital.
Its resources amounted to P195 billion and deposits, P139 billion, at the end of June 2005.
In its own disclosure, Equitable PCI Bank said up to 180 million common shares will be transferred through a special block sale in the PSE.
The sale is subject to central bank approval and other conditions, which Equitable PCI did not specify.
EPCI Bank has been rocked with controversy after the Go faction and a rival faction representing 54 percent of the bank’s total issued shares elected separate boards of directors in Makati City last July 19.
The majority faction consists of the Romualdez family, which accounts for seven percent of the bank, the Government Service Insurance System, which owns 12 percent of the bank, the Social Security System (SSS), which owns 25 percent of the bank, and other smaller shareholders.
Court
The Supreme Court on Thursday stopped tycoon Antonio Go and 10 others from representing themselves as members of the board of directors of Equitable PCI Bank.
The high court in the same order also directed Judge Sixto Marella Jr. of the Makati City Regional Trial Court from further proceeding with Civil Case No. 05-610 concerning the EPCIB directors’ dispute.
Directed to stop representing themselves as EPCIB directors were Go, John C. B. Go, Jonathan C.B. Go, Peter Go Pailian, Genevieve W. J. Go, Anthony F. Conway, Cesar Bautista, Antonio Basilio, Miguel E. Roca Jr., Ricardo Murillo and Nilo T. Divina.
Equitable PCI Bank was already a takeover target of Banco de Oro Universal Bank.
BDO had agreed to buy the shares of SSS in EPCI Bank, but the sale was blocked by the Go family. (CTL/(Manila Standard Today)
(August 6, 2005 issue)
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