Quantcast
Latest Stories

Bourse OKs P4.25B IPO plan of Yao group’s bank

By

The Philippine Stock Exchange has approved an initial public offering worth about P4.25 billion by Philippine Business Bank, setting the stage for the first Philippine stock market debut this year.

PBB, the banking arm of the Zest-O group of businessman Alfredo Yao, is set to offer by next month up to 101.33 million primary common shares for as much as P41.94 per share. This will bring to public hands about 30 percent of the bank’s post-IPO capital.

The offer price is set to be finalized by Feb. 4 while the offer period will run from Feb. 6 to 12. Tentative listing date of the bank’s shares under the ticker “PBB” is Feb 19.

The joint lead underwriters for the issuance are First Metro Investment Corp. and SB Capital Investment Corp. The financial advisor and issue manager is Asian Alliance Investment Corp.

Proceeds from the offering will be used to finance the bank’s lending activities and also to fund the acquisition of investment securities. In addition, about P400 million will cover capital expenditure requirements in connection with its branch network expansion program, including the acquisition of new branch banking licenses, the development and implementation of IT (information technology) infrastructure and applications projects.

“It’s really more as a strategic move to be able to maybe expand business further and then raise funds as an added ammunition. We’re building a war chest for possible acquisition and investments in the horizon of over two to three years if there will be a license upgrade,” PBB president Roland Avante said in an earlier interview.

Yao had earlier said going into universal banking was part of the bank’s long-term thrust.

After the IPO, Yao (with 37.26 percent) and Zest-O Corp. (with 25.17 percent) will remain as the key shareholders of PBB.

PBB is set to hold an investors’ briefing Friday 3 p.m. at Mandarin Hotel to discuss the offering.

The thrift bank has at least 72 branches to date, of which 37 are in Metro Manila where branch expansion is restricted. These branches are positioned in business, commercial and industrial areas particularly those with a critical mass of small and medium enterprises, the bank’s target segment.


Follow Us


Follow us on Facebook Follow on Twitter Follow on Twitter


Recent Stories:

Complete stories on our Digital Edition newsstand for tablets, netbooks and mobile phones; 14-issue free trial. About to step out? Get breaking alerts on your mobile.phone. Text ON INQ BREAKING to 4467, for Globe, Smart and Sun subscribers in the Philippines.

Tags: Banking , Business , initial public offering (IPO) , Philippine Business Bank , Philippine Stock Exchange , stock market debut



Copyright © 2014, .
To subscribe to the Philippine Daily Inquirer newspaper in the Philippines, call +63 2 896-6000 for Metro Manila and Metro Cebu or email your subscription request here.
Factual errors? Contact the Philippine Daily Inquirer's day desk. Believe this article violates journalistic ethics? Contact the Inquirer's Reader's Advocate. Or write The Readers' Advocate:
c/o Philippine Daily Inquirer Chino Roces Avenue corner Yague and Mascardo Streets, Makati City, Metro Manila, Philippines Or fax nos. +63 2 8974793 to 94
Advertisement
Advertisement

News

  • Nebraska toddler gets stuck inside claw machine
  • Philippine eagle rescued by Army turned over to DENR
  • Gunmen attack Iraq military base, kill 10 soldiers
  • South Korea president shouted down by distraught parents
  • Classmates celebrating 60th birthday among missing in ferry sinking
  • Sports

  • Nadal passes clay landmark with 300th victory
  • Wawrinka waltzes through with Monte Carlo walkover
  • Power Pinays smash India in Asian Women’s Club volleyball opener
  • PH youth boxers off to stumbling start in AIBA World tilt
  • Durant has 42, Thunder beat Pistons 112-111
  • Lifestyle

  • Pro visual artists, lensmen to judge Pagcor’s photo contest
  • ‘Labahita a la bacalao’
  • This is not just a farm
  • Clams and garlic, softshell crab risotto–not your usual seafood fare for Holy Week
  • Moist, extra-tender blueberry muffins
  • Entertainment

  • Jones, Godard, Cronenberg in competition at Cannes
  • Will Arnett files for divorce from Amy Poehler
  • American rapper cuts own penis, jumps off building
  • Jay Z to bring Made in America music fest to LA
  • Why Lucky has not bought an engagement ring for Angel
  • Business

  • Total says makes ‘very promising’ oil find off Ivory Coast
  • ‘Chinese Twitter’ firm Weibo to go public in US
  • World stocks subdued, Nikkei flat on profit taking
  • Asia stocks fail to match Wall Street gains
  • Fired Yahoo exec gets $58M for 15 months of work
  • Technology

  • Netizens seethe over Aquino’s ‘sacrifice’ message
  • Filipinos #PrayForSouthKorea
  • Taylor Swift tries video blogging, crashes into fan’s bridal shower
  • DOF: Tagaytay, QC best at handling funds
  • Smart phone apps and sites perfect for the Holy Week
  • Opinion

  • Editorial cartoon, April 17, 2014
  • A humbler Church
  • Deepest darkness
  • ‘Agnihotra’ for Earth’s health
  • It’s the Holy Week, time to think of others
  • Global Nation

  • Malaysia quarantines 64 villagers over MERS virus
  • DFA: 2 Filipinos survive Korean ferry disaster
  • PH asks airline passengers to check for MERS
  • Syria most dangerous country for journalists, PH 3rd—watchdog
  • Japan says visa-free entry still a plan
  • Marketplace