Union Bank of the Philippines will list on Friday a total 327.1 million shares it sold in a stock rights offering that raised P10 billion in fresh capital for the country’s 9th largest lender by assets.
Qualified shareholders of Union Bank were given the option to buy 1 share for every 9.1382 shares they owned at a price of P30.57 each. Shareholders on record 9 May were qualified to participate in the stock rights offer, which ended 24 May.
The stock rights offer of Union Bank was underwritten by CLSA Exchange Capital Inc. and Unicapital Inc.
Proceeds from the stock rights offer will fund the capital infusion into its digital banking unit UnionDigital, its retail loan program, and for general corporate purposes.
