PSBank’s P8-B rights offer period set for January 7 to 11

Philippine Savings Bank, the thrift bank arm of the Metrobank group, is targeting to launch its P8-billion rights offering in January 2019.

In a stock exchange filing, PSBank said the rights offer period would run from Jan. 7 through Jan. 11 next year.

It will involve 184.74 million shares, whose offer price will be finalized by Dec. 14 this year.

In its filing, PSBank said the shares represent the remaining unissued shares from its authorized capital stock. The fund-raising will help strengthen its balance sheet to support future growth.

PSBank said First Metro Investment Corp. was tapped as issue manager and underwriter.

This was the latest in a string of fundraising moves by PSBank.

It said last September that it was planning to issue up to P10 billion in medium-term fixed and/or floating rate notes.

PSank earlier reported that net income from January through September this year hit P2 billion, up 8.1 percent. Gains were led by its core lending and deposit-taking businesses.