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Article: Around The Nation.(Metro & National News)
- Article from:
- Manila Bulletin
- Article date:
- June 30, 2004
CopyrightCOPYRIGHT 2004 Manila Bulletin Publishing Corp. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Victims of Dagdag Bawas
He said 25 million SSS members are going to suffer from a total loss of P7.4 billion if the proposed sale of Equitable-PCI Bank shares push through.
"SSS purchased 187,800,000 shares of Equitable-PCI Bank at average price of P83 per share for a total cost of P15.6 billion," he said.
"Now, the SSS wants to sell the shares to Banco de Oro (BDO) at P43.50 a share or for R8.2 billion."
According to Osmena, the SSS has also completely ignored an offer it received last March 5 from Abacus Capital of Singapore of P49 per share or P1 billion more than the BDO offer.
"In fact, a big block of the 29 percent ...