MANILA -- The Securities and Exchange Commission (SEC) has approved a plan by the Philippine Stock Exchange Inc. (PSE) to raise PHP3.16 billion through a stock rights offering.

The corporate regulator allowed the PSE to issue 11.5 million shares for PHP275 apiece to fund its acquisition of the Philippine Dealing System Holdings Corp. (PDSHC), finance expenditures related to product development and working capital requirements.

It expects the acquisition of PDSHC to be completed in the first quarter of 2018.

The Philippine Competition Commission (PCC) already cleared the unification deal seen to enhance the liquidity in the financial markets.

PSE plans to list and trade on its Main Board.

BDO Capital and First Metro Investment Corp. act as joint lead underwriters of the offer. (PNA)