On March 13, 2012, Export and Industry Bank (EIB) sold its 18.4% stake in publicly-listed developer Arthaland Corp. for PHP 177.69 million, unloading non-core assets ahead of the sale of its banking operations to Banco De Oro Unibank.
Luckily for EIB's depositors, the sale of EIB's banking assets is accompanied by an assumption of its banking liabilities by BDO, meaning that depositors will not lose any money and those depositors will continue to be the depositors of BDO, the surviving entity and one of the country's largest banks.
When that shareholder wipeout happens, the biggest losers will be foreign investors who collectively own 28.98% of the bank and plunked down PHP 1.372 billion in capital in the bank. These foreign investors are:
- Ridderbrecht B.V. (Netherlands, 11.62% or PHP 550 million)
- Extra Year Investments Limited (British Virgin Islands: 9.50% or PHP 449.75 million)
- Medco Asia Investment Corp. (7.86% or PHP 372.15 million)
- Lead BancFund Holdings (10.03% or PHP 475 million)
- Apex Bancrights Holdings, Inc. (10.03% or PHP 475 million)
- Asiawide Refreshments Corp. (8.45% or PHP 400 million)
- Alfredo M. Yao (8.34% or PHP 300.25 million)