Metrobank sets stock rights offer at 1 for 3.976 common shares

Metropolitan Bank & Trust Company has set the final terms for its approximately P60 billion stock rights offering of 799,842,250 common shares at one rights share for every 3.967 common shares.

Investors must be shareholders of Metrobank common shares as of March 21, 2018 to qualify for the stock rights offer, the lender said in a regulatory filing submitted on Wednesday by Juan Placido Mapa III, Metrobank vice president and head of Investor Relations.

“The rights shares are being offered at P75.00 per rights share. The offer price is based on a 22 percent discount to the 10-day volume-weighted average price of Metrobank common shares listed on the Philippine Stock Exchange,” according to the filing.

The stock rights offer will commence at 9:00 a.m. on March 22, 2018 and end at 12:00 p.m. on 4 April 2018.

The lender previously disclosed that it was raising up to P60 billion via a stock rights offering, the  proceeds of which will be used to enable the bank to pursue business prospects and sustain its strong growth trajectory.

It will also use the money to fund its acquisition of a 40 percent stake in Metrobank Card Corporation and increase its ownership to 100 percent.

GT Capital Holdings Inc., Metrobank’s controlling and majority shareholder, disclosed on Jan. 18, 2018 that it intends to subscribe to at least its full rights entitlement in the bank’s stock rights offer.

UBS AG, Hong Kong Branch is acting as joint global coordinator, joint bookrunner and international underwriter, with First Metro Investment Corporation as joint global coordinator, joint bookrunner, issue manager, and domestic lead underwriter, and DBS Bank Ltd. as co-manager and co-underwriter. —VDS, GMA News