AEV ups stake in UnionBank
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MANILA - Aboitiz Equity Ventures Inc. on Wednesday bought more shares in Union Bank of the Philippines.
In a disclosure to the Philippine Stock Exchange, AEV said it purchased 2.3 million common shares of its publicly-listed banking unit at P101.50 per share, representing a slight 0.50 percent premium from the closing price of P101 apiece.
Based on the purchase price, AEV paid a total of P233.45 million.
In a text message, Stephen Paradies, AEV chief financial officer, said the acquisition raised the holding firm's ownership in UnionBank to 43.75 percent.
Besides UnionBank, AEV also has interests in City Savings Bank as well as Abotiz Power Corp. and Pilmico Foods Corp.