THE Philippine Stock Exchange (PSE) said Wednesday it will sell separately, in a public bidding, the trading rights and shares owned in the bourse by suspended brokerage firm Asian Capital Equities Inc. (ACEI).

In a memorandum released by the bourse’s market regulation division (MRD), it said the minimum bid price for the PSE trading rights is P8.5 million while the minimum bid price for the PSE shares would be an amount not less than the closing price of PSE shares immediately prior to the public sale. At the end of yesterday’s trading, the shares of the PSE were valued P680 each.

MRD said the biddings have been set on May 6. 

ACEI collapsed in November 2003. Since then, its operations have been supervised by the exchange as mandated by the Securities and Exchange Commission (SEC).

The MRD said the proceeds from the sale, less the liabilities of ACEI to the exchange as of the date of the sale, would be exclusively used to pay the claims of the brokerage firm’s customers.

“The proceeds shall be placed in a special account under the terms and conditions to be set by the MRD,” it said.

ACEI is a joint venture partnership by Filipino investors, East Asia Capital Corp., EA Securities Ltd. and MUI Philippines Inc. Aside from being a broker and dealer, the company registered with the Bangko Sentral  ng Pilipinas as a nonbank  financial intermediary with nonquasi banking functions.

The beleaguered firm was headed by Francisco Borromeo, who is wanted in connection with criminal cases filed against him for various violations of the Securities Regulation Code.

Last year, the PSE sought the help of the public on the whereabouts of Borromeo, who was facing arrest warrants for seven counts of violating securities laws issued by the Makati City Regional Trial Court. The charges were connected with the collapse of ACEI.

A joint audit done in 2003 by the PSE and SEC showed anomalous deals and accounts,  which led to the financial problem of the brokerage firm. The results of the audit became the basis for the courts to issue arrest warrants against Borromeo.

The collapse of ACEI prompted the SEC to issue a takeover order five years ago and directed the exchange to assume control over the brokerage firm’s operations to protect the interests of the customers.

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THE Philippine Stock Exchange (PSE) said Wednesday it will sell separately, in a public bidding, the trading rights and shares owned in the bourse by suspended brokerage firm Asian Capital Equities Inc. (ACEI).

PCD Nominee Corp. held for foreigners 253.994 million shares, or 21.80 percent of 1.165 billion outstanding shares, in First Gen Corp. as of December 31, 2007 and 204.46 million shares, or 17.55 percent as of March 31, 2008.