In January 2020, BDO Unibank Inc. and BDO Capital & Investments Corp. signed an agreement to sell their 88.5 percent controlling stake in then-BDOLF to a new group of investors, including businessmen Luis Yu Jr., Victor Lim Jr. and Vittorio Lim. After the transaction, the SEC suspended the registration statement of BDOLF in February 2020 to protect investors amid the incomplete and inaccurate disclosure on the sale of the controlling stake. The unit of BDO immediately asked for reconsideration for the suspension of its registration statement, which prohibited the company from selling shares to the public.