Metrobank’s P60-B stock rights offer OKd
The Philippine Stock Exchange has approved Ty family-led Metropolitan Bank and Trust Co. (Metrobank)’s plan to raise as much as P60 billion from the sale of new shares to existing shareholders.
Based on the indicative offer term sheet, Metrobank plans to offer up to 819.827 million new shares to eligible shareholders.
The bank has mandated UBS AG Hong Kong branch as the international underwriter and First Metro Investment Corp. as the domestic lead underwriter.
The offering will commence on March 22 through April 4 this year.
The entitlement ratio has yet to be finalized along with the pricing, which will be set on March 14.
It was earlier disclosed by the bank that it would like to raise as much as P60 billion from this capital call.
The new shares will be listed on the PSE on April 12.
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