Victor Y. Lim, Vittorio P. Lim, Luis N. Yu and third party buyers entered into an agreement to acquire 88.54% stake in BDO Leasing and Finance, Inc. from BDO Unibank, Inc. (PSE:BDO) on January 24, 2020. Victor Y. Lim, Vittorio P. Lim, Luis N. Yu and third party buyers will acquire 1.91 billion shares. Victor Y. Lim, Vittorio P. Lim, Luis N. Yu and third party buyers will acquire 4%, 33%, 33% and 18.54% stake respectively.

In a separate transaction, as required by regulation, a tender offer will be undertaken by the new investor group to provide minority shareholders an opportunity to sell their BDO Leasing and Finance shares. BDO Leasing and Finance will be re-named post completion. The Board of Directors of BDO Leasing and Finance, Inc., at its regular meeting held on January 31, 2020, approved the amendment of BDOLF's corporate name to United Platinum Holdings Corporation.

The sale transaction is subject to closing conditions, including approval by regulatory authorities. On February 13, 2020, the Securities and Exchange Commission (SEC) issued an Order of Suspension against BDO Leasing and Finance, Inc. suspending its Registration Statement as a listed company, the lifting of which is subject to the submission of an Amended Registration Statement. As on August 6, 2020, transaction has been approved by the Philippine Competition Commission.

Picazo Buyco Tan Fider & Santos acted as legal advisor to Victor Y. Lim and Vittorio P. Lim. Martinez Vergara Gonzalez & Serrano acted as legal advisor to BDO Leasing and Finance, Inc.