Filtered By: Money
Money

Metrobank raises P60B from stock rights offering


Metropolitan Bank and Trust Co. raised P60 billion from a stock rights offering.

The bank informed the Philippine Stock Exchange the results of the stock rights offering after the offer period closed on April 4, through a regulatory filing submitted by Metrobank vice president and head of investor relations Juan Placido Mapa on Thursday.

Metrobank said the rights shares are expected to be listed on April 12. The offer period ran from March 22 to April 4.

The bank offered 799,842,250 common shares to eligible shareholders on record as of March 21 at P75 per share.

“The offer was taken up entirely by the bank’s existing shareholders, with broad support seen across the shareholder base resulting in a substantial oversubscription,” Metrobank said.

“The bank believes that the success of the offer represents a strong vote of confidence from investors in the bank and its strategy,” is said.
 
The proceeds of the share sale enable the bank to pursue business prospects and sustain its growth trajectory.

It will also use the money to fund the acquisition of a 40-percent stake in Metrobank Card Corporation to increase its ownership to 100 percent, the final tranche of which is set to be completed by the third quarter of 2018.

“Metrobank seeks to capitalize on the growth opportunities of large cap corporates and especially in its core franchise, the middle market and small to medium enterprises segments. Rising per capita levels also bode well for the potential in the growing consumer space, specifically in credit cards, auto loans and home mortgage,” the bank said.
 
The share sale was led by UBS as joint global coordinator, joint bookrunner and international underwriter with First Metro Investment Corp. as joint global coordinator, joint bookrunner, issue manager and domestic lead underwriter. DBS Bank Ltd. acted as co-manager and co-underwriter. —VDS, GMA News

LOADING CONTENT