Union Bank of the Philippines said Friday it has completed a stock rights offer that raised P12 billion for the country’s 9th largest lender by assets.
UnionBank gave shareholders of record January 12, 2023 the right, but not the obligation, to buy 1 new share for every 10.1536 that they hold. The rights shares were sold at a price of P56.88.
The right shares were sold at a discount to market price, which on January 11 stood at P81.75.
The offer ended Jan. 27.
The shares will be listed on the Philippine Stock Exchange on February 6 and will increase the number of issued and outstanding shares of Union Bank to 2.35 billion.
UnionBank, the banking arm of the Aboitiz Group, last year completed its P72- billion acquisition of the Philippine assets of Citi, particularly its credit card operations.
