The Philippine Stock Exchange has approved a plan by the country’s leading lender BDO Unibank Inc. to raise as much as P60 billion in fresh capital by selling new shares to existing shareholders.
The fresh capital will support BDO’s medium-term growth objectives amid the country’s favorable macroeconomic prospects and provide a comfortable buffer over higher capital requirements with the forthcoming imposition of the “Domestic Systemically Important Bank” (DSIB) surcharge, the bank said in a disclosure on Friday.
The stock rights offering will run from January 16 to 24 next year. Eligible to subscribe are shareholders as of record date Jan. 10, 2017.
Listing date is tentatively set for Jan. 31 next year.
BDO has appointed Credit Suisse, UBS and BDO Capital as joint lead global coordinators and bookrunners with Citigroup, Goldman Sachs and HSBC as joint bookrunners. BDO Capital will serve as issue manager and domestic underwriter.