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Thursday, March 28, 2024

Metrobank cleared to raise P32b

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The Philippine Stock Exchange approved the P32-billion stock rights offering of Metropolitan Bank & Trust Co., the banking unit of tycoon George Ty.

PSE said in a notice posted on its Web site Metrobank would offer up to 500 million common shares to shareholders as of record date March 18, 2015.

The offer price, which will be announced on March 10, will be computed based on the volume-weighted average price of the bank’s common shares on the PSE for a determined number of days immediately prior to the pricing date, subject to a discount, and to be determined by the underwriters, in consultation with the bank.

The bank tapped J.P. Morgan and UBS as joint global coordinators, joint international lead managers and joint bookrunners.

First Metro Investment Corp. will be the sole domestic lead manager. Hong Kong Shanghai Banking Corp. will be co-manager. Offer period will be from March 23 to 27 while listing date was tentatively set on April 7.

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Metrobank earlier said the capital raising exercise would enable it to pursue business prospects and support the accelerating growth momentum.

The bank said the growing economy, expanding middle class and low credit penetration created sustainable, attractive growth opportunities for the banking sector.

“Specifically, Metrobank sees these opportunities not only in the large cap business segment, but especially in its core franchise, the middle-market and small to medium enterprises segments, as well as in the growing consumer space,” it said.

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