Metrobank pegs rights issue price at P75
Prospective buyers, take note.
Metropolitan Bank & Trust Co. has firmed up a P60 billion stock rights offering, pricing the shares at P75 each.
The final offer price is based on a 22 percent discount to the 10-day volume-weighted average price of Metrobank common shares listed on the stock exchange.
The offering, which involves 799.84 million shares, will run from March 22 to April 4.
Shareholders are entitled to subscribe to one rights share for every 3.976 common shares held as of record date of March 21.
The bank is targeting to raise additional capital for its planned buyout of Metrobank Card Corp. from its strategic partner ANZ Bank.. Other proceeds will also be used to pursue business prospects and sustain its strong growth trajectory.
UBS AG is the joint global coordinator, bookrunner and international underwriter along while First Metro Investment Corp. the issue manager and domestic lead underwriter.