AUB debuts strong on PSE
By Doris C. DumlaoThe Rebisco group’s banking arm, Asia United Bank, debuted strongly on the Philippine Stock Exchange on Friday as investors bet on the company’s robust growth prospects.
The Rebisco group’s banking arm, Asia United Bank, debuted strongly on the Philippine Stock Exchange on Friday as investors bet on the company’s robust growth prospects.
The Rebisco group’s banking arm, Asia United Bank, debuted strongly on the Philippine Stock Exchange on Friday, bucking the generally sluggish market, as investors bet on growth prospects for the years ahead.
Asia United Bank, owned by the Ng family behind snack food maker Rebisco Biscuit Corp., has priced its initial public offering (IPO) at the middle of the initial range, resulting in heavy oversubscription for the biggest component of the P8.36-billion issue.
The Rebisco group’s Asia United Bank has priced its initial public offering at P95 per share, enabling the bank to raise P8.36 billion from its debut on the stock market.
The Rebisco group’s banking arm Asia United Bank grew its first-quarter net profit by 62 percent year on year to P523 million on higher loan volume and trading gains.
Asia United Bank, which is set to go public next month, aims to triple its size and join the roster of the country’s top 10 banks within the next five years.
The Securities and Exchange Commission has approved a plan by the Rebisco group’s commercial banking arm Asia United Bank to sell as much as P9.68 billion worth of shares and debut on the Philippine Stock Exchange.
The Rebisco group’s commercial banking arm Asia United Bank has sought regulatory approvals to debut on the Philippine Stock Exchange and sell as much as P11.31 billion worth of shares.
The Rebisco group’s banking arm Asia United Bank, the next bank to debut on the Philippine Stock Exchange, posted a 20-percent growth in net profit to P1.36 billion, in 2012, attributing it to robust trading and lending activities.
Asia United Bank is going to be the next banking establishment to debut on the Philippine Stock Exchange, having drawn up plans for an initial public offering (IPO) worth around $150 million by May this year.
Fifteen years since its establishment, medium-sized commercial bank Asia United Bank is poised to become a more significant and formidable player in the local banking scene—one that has an extensive branch network, capable of going into non-banking allied ventures, and with shares that are traded publicly.
Medium-sized commercial bank Asia United Bank plans to upgrade to universal banking and go public in the next two years as part of its plan to grow into a more significant banking player.
