MANILA: Conglomerate SM Investments Corp said it had sold a portion of its stake in BDO Unibank Inc to Khazanah Nasional Bhd marking the entry of Malaysia’s sovereign wealth fund in the Philippines’ top lender by assets.
SM, owned by the Philippines’ richest man, Henry Sy, said in a statement yesterday the transaction involved its unit, Multi-Realty Development Corp selling 2% of BDO’s total common shares to Pulau Kaca Investments Ltd, a Khazanah unit.
Already a subscriber? Log in.
Limited time offer:
Just RM5 per month.
Cancel anytime. No ads. Auto-renewal. Unlimited access to the web and app. Personalised features. Members rewards.
Follow us on our official WhatsApp channel for breaking news alerts and key updates!