MANILA - The Philippine Stock Exchange disclosed Thursday that it would borrow P1.55 billion from three banks to hike its stake in the operator of the local bond exchange and finance the bourse's transfer to a new location.
Of the amount, P1.15 billion will be used to buy more shares in the Philippine Dealing System Holdings, while P400 million will be spent for its new headquarters in Bonifacio Global City in Taguig, the PSE said.
The exchange said it would borrow from BDO, Metrobank and Bank of Commerce.
The PSE has been looking to acquire majority of PDS Holdings as part of its strategy to put the trade in equities and bonds under one roof.
But the deal needs regulatory approval from the Securities and Exchange Commission as well as the Philippine Competition Commission.