Wednesday, September 19, 2018
Close  
  • share this

Metrobank’s rights offer priced at P75 per share

22% discount offered
/ 10:11 AM March 14, 2018

Metrobank Timog, Quezon City.
INQUIRER PHOTO/LYN RILLON

Ty family-led Metropolitan Bank & Trust Co. has priced its stock rights offering at P75 per share, finalizing a P60-billion capital-raising which will support a fast-growing loan book in the coming years.

The offer price is based on a 22 percent discount to the 10-day volume-weighted average price of Metrobank common shares listed on the Philippine Stock Exchange.

ADVERTISEMENT

Eligible shareholders are entitled to subscribe to one share for every 3.976 common shares held as of the record date March 21, Metrobank disclosed to the stock exchange on Wednesday.

The stock rights offer will commence at 9 am on March 22 and end at 12 pm on April 4.

Metrobank had previously disclosed it will raise up to P60 billion through this stock rights offering, proceeds from which will enable the bank to pursue business prospects and sustain its strong growth trajectory.

Part of the proceeds will also be used to fund its acquisition of additional 40 percent stake in Metrobank Card Corp., thereby increasing its ownership to 100 percent. This is in line with a strategy to beef up high-margin lending.

GT Capital Holdings Inc. (GTCAP), Metrobank’s controlling and majority shareholder has committed to subscribe to at least its full rights entitlement in Metrobank’s stock rights offer.

UBS AG – Hong Kong Branch acts as joint global coordinator, joint bookrunner and international underwriter for this offering while First Metro Investment Corporation is joint global coordinator, joint bookrunner, issue manager and domestic lead underwriter. DBS Bank Ltd. is co-manager and co-underwriter.

Metrobank, which has grown its loan book by over 20 percent in the last six quarters, believes that the robust growth of the Philippines will continue to loan expansion across the various segments of the economy.

On a consolidated basis, Metrobank ended the year with 952 branches and 2,352 ATMs (automated teller machines) nationwide. More than half of these branches are located outside Metro Manila, seen putting the bank in a good position to gain market share in the country’s high-growth areas.

Metrobank, the country’s second largest bank with assets of P2.1 trillion as of end-2017, is currently valued by the stock market at around P305 billion.

ADVERTISEMENT

Read Next
Don't miss out on the latest news and information.
View comments

Subscribe to INQUIRER PLUS to get access to The Philippine Daily Inquirer & other 70+ titles, share up to 5 gadgets, listen to the news, download as early as 4am & share articles on social media. Call 896 6000.

TAGS: GT Capital, MBT, Metrobank, Metropolitan Bank & Trust Co.
For feedback, complaints, or inquiries, contact us.


© Copyright 1997-2018 INQUIRER.net | All Rights Reserved

We use cookies to ensure you get the best experience on our website. By continuing, you are agreeing to our use of cookies. To find out more, please click this link.