Daiwa Se­cu­ri­ties ac­quires stake in COL Fi­nan­cial

Business World - - CORPORATE NEWS -

JA­PAN’S Daiwa Se­cu­ri­ties Group, Inc. is ac­quir­ing a stake in COL Fi­nan­cial Group, Inc., the listed online stock bro­ker­age said on Thurs­day.

In a stock ex­change fil­ing, COL Fi­nan­cial said it re­ceived nec­es­sary reg­u­la­tory ap­proval for deal, which will re­sult in Daiwa Se­cu­ri­ties own­ing 14.9% of the com­pany’s out­stand­ing shares of cap­i­tal stock.

“The ac­qui­si­tion will be ex­e­cuted as a block sale trans­ac­tion through the fa­cil­i­ties of the ex­change on Fri­day (April 21),” the com­pany said.

No other details were avail­able as of press time.

On Thurs­day morn­ing, COL Fi­nan­cial re­quested for a vol­un­tary trad­ing sus­pen­sion of its shares. The trad­ing sus­pen­sion will be lifted at 9 a.m. on Fri­day.

In 2016, COL Fi­nan­cial re­ported a 25% in­crease in net in­come to P328.5 mil­lion, driven by strong growth of do­mes­tic com­mis­sion rev­enues and cost­cut­ting mea­sures.

De­spite a volatile trad­ing en­vi­ron­ment at the lo­cal bourse, COL Fi­nan­cial’s rev­enues jumped 13% to P833.7 mil­lion last year. The num­ber of cus­tomer ac­counts for its Philip­pine op­er­a­tions rose by 26% to over 205,000 as of end 2016, from nearly 163,000 in 2015.

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