053107: Equitable PCI Bank to be delisted Monday

May 31, 2007
Updated 15:05:48 (Mla time)

Xinhua Financial News Service

MANILA, Philippines -- A total of 727 million common shares in Equitable PCI Bank Inc. will be delisted by Monday, when Banco de Oro Universal Bank (BDO) will list 1.3 billion more common shares with a par value of P10 to cover its merger with Equitable PCI, the stock exchange said.

Under their merger agreement, 1.8 BDO common shares will be swapped for each Equitable PCI common share.

The P613-billion merged entity will be known as Banco de Oro-EPCI Inc. and will be the Philippines' second-largest bank in terms of assets.

There were no transactions Thursday involving Equitable shares, which last closed at P116. Banco de Oro closed P1.50 higher at P67.

($1 = P46.16)

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