PCC clears AEV’s sale of PETNET stake to subsidiaries

The Philippine Competition Commission has cleared the sale of Aboitiz Equity Ventures Inc.’s controlling stake in remittance and cash services firm PETNET Inc. to subsidiaries City Savings Bank Inc. and Union Properties Inc.

AEV said the PCC has notified the group of the commission’s approval on Thursday.

According to the conglomerate, the sale will consolidate AEV’s interests in banking and financial services under Union Bank of the Philippines.

UnionBank owns 99.77 percent of CitySavings and 100 percent of Union Properties.

“The sale and the resulting consolidation of all of AEV’s existing interests in banking and financial services will unlock shareholder value from the synergies between the core businesses of CitySavings and PETNET,” AEV said.

The share purchase agreement involves the acquisition of AEV’s entire 51 percent of the common shares of PETNET by CitySavings and Union Properties for P1.2 billion

PETNET is a leading financial transaction center with over 2,500 locations nationwide, providing customers with a comprehensive scope of reliable services such as Western Union international and domestic remittance, money changing, bills payment, eloading, DepEd loans, GSIS pension loan acceptance and micro-insurance.

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