Union Bank of the Philippines will start on May 16 a stock rights offer that would raise P1 billion for the country’s 9th largest lender by assets.
UnionBank will offer to shareholders on record May 9 a total 327.1 million shares at a price of P30.57 each. The price is the 15-day volume-weighted average price of the listed bank’s common shares at a discount of 25 percent.
Shareholders on record are given the right but not the obligation to buy one right share for every 9.1382 shares they own.
The stock rights offer ends on May 24. The rights shares will be listed on the Philippine Stock Exchange on May 31.
UnionBank will use the net proceeds to fund the capital infusion to UnionDigital, projected retail loan availments, and/or for general corporate purposes.
