July 12, 2015

UCPB sale put on hold

According to an article from BusinessWorld, the auction of the government’s stake in United Coconut Planters Bank (UCPB) has been put on hold after the Supreme Court indefinitely restrained the sale of coco levy assets.

In light of the Supreme Court’s temporary restraining order on EOs 179 and 180 (which mandated the sale of the government stake in UCPB), the Privatization and Management Office (PMO) has temporarily suspended the bidding activities related to the sale of equity in UCPB. Moreover, the PMO has extended the deadline for pre-qualification requirements to July 16 while also moving the opening of bids to September 24.

According to the article, banks such as BDO Unibank (BDO), Security Bank (SECB) and JG Summit Holdings Inc’s (JGS) Robinsons Bank have confirmed their intent to join the UCPB bidding. Moreover, local conglomerate San Miguel Corp (SMC) and four other foreign entities have been reported to show interest in the auction of the government’s UCPB stake. - WealthSec