Robinsons Retail Holdings Inc. (RRHI) will purchase
additional shares in Ayala-led Bank of the Philippine Islands, increasing the Gokongwei Group’s interest in the
lender to 10.4 percent.
In a regulatory filing, RRHI, headed by its
president Robina Gokongwei-Pe, said its board
approved the purchase
of Arran Investment Pte.
Ltd.’s 4.4 percent stake in
Arran, an affiliate of
GIC Private Ltd., owns
21.9 percent of Liontide
Holdings, which in turn
has a 20 percent equity interest in BPI.
As part of the transaction, Arran will redeem a portion of its preferred shares in Liontide.
The underlying BPI
shares, representing 3.3 percent interest in BPI, will then be
purchased directly by Robinsons Retail.
Simultaneously, Robinsons Retail will acquire preferred shares in Liontide, which are redeemable to BPI
shares, representing 1.1 percent of BPI outstanding shares.
The transaction is in conjunction with the merger of BPI
and Robinsons Bank with the former as the surviving entity.