Dharmala divests RP holding

Dharmala divests RP holding

MANILA (Dow Jones): Indonesia's Dharmala Group has divested its entire stake in its Philippine flagship, Dharmala Philippines Inc., or DPI, the company said in a disclosure statement released by the stock exchange Monday.

The disclosure said Dharmala Holdings (BVI) Ltd., Well Foundation Co. and Dharmala International Philippines Inc. - all members of the Dharmala Group - sold their combined 230.7 million shares, or 82.28 percent, of DPI to VR Holdings Inc., a consortium of local businessmen.

Financial details of the sale weren't made available.

DPI shares aren't actively traded. Its A shares last closed at 1 peso (2.5 U.S. cents), while its B shares ended at 3 pesos.

Sources within the company said the sale has been a done deal since November, when a new management group started taking over DPI's operations.

DPI has interest is in banking, stock brokerage, and financing.