LOOKING FORWARD The RCBC headquarters in Makati City’s financial hub.
PHOTO FROM RCBC.COM
The Philippine Stock Exchange has approved a plan by Yuchengco-led Rizal Commercial Banking Corp. to raise as much as P15 billion from the sale of new shares to existing investors.
RCBC plans to sell up to 540 million new common shares at a price which will be determined on June 7, based on the offer term sheet posted by the PSE. The entitlement ratio has yet to be firmed up.
The stock rights offering will run from June 25 to 29. The tentative listing date for the new shares is on Aug. 3.
Credit Suisse (Singapore) Ltd. and UBS AG have been mandated as joint global coordinators, joint bookrunners and international underwriters for this offering. RCBC Capital is likewise among the underwriters.
The new shares will come from an increase in RCBC’s authorized capital stock from P16 billion to P28 billion, divided into 2.6 billion common shares with par value of P10 per share and 200 million preferred shares with a par value of P10.00 per share.
Proceeds from the rights offer will be used to fund the increase in RCBC’s authorized capital stock in order to comply with the minimum capital thresholds required by the Bangko Sentral ng Pilipinas. This will also support the growth in lending activities over the next three years.