PSE approves Metrobank’s new shares offering

The Philippine Stock Exchange (PSE) has approved Metropolitan Bank and Trust Co. (Metrobank)’s plan to raise as much as P60 billion from the sale of new shares to existing investors, proceeds of which will further expand an already thriving loan book.

Based on the indicative offer term sheet, the bank plans to offer up to 819.827 million new shares to existing 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 and will run until April 4 this year. The entitlement ratio and pricing will be finalized on March 14.

The new shares will be listed on the PSE on April 12.

Metrobank said the expanding Philippine economy had helped it grow its loan book by over 20 percent in the last six quarters.

The capital-raising exercise is expected to enable the bank to sustain its loan growth momentum, leveraging on the bank’s sales and distribution network that has rapidly expanded in the last few years. —DORIS DUMLAO-ABADILLA