MANILA: The BDO Unibank Inc of Philippines has sold it two percent stakes to the Malaysian Khazanah Nasional Bhd. Which make Malaysia to enter in the economy of Philippines.
SM, owned by the Philippines’ richest man, Henry Sy, said in a statement on Tuesday the transaction involved its unit, Multi-Realty Development Corp, selling 2 percent of BDO’s total common shares to Pulau Kaca Investments Ltd, a Khazanah unit.
SM did not disclose financial details. BDO currently has a market value of $8.75 billion.
SM said the entry of Khazanah will further strengthen the BDO’s institutional shareholder base and affirms the attractiveness of the Philippines as an investment destination.
BDO, in a separate statement, said it had signed an agreement to acquire a Philippine rural bank, One Network Bank Inc, which has 28.1 billion pesos ($629 million) in assets and 105 branches.
