Success! UnionBank shores up P10B from stock rights offer
A state pension fund and Aboitiz sister companies scrambled to hold more shares.
The Union Bank of the Philippines said it has completed its P10 billion stock rights offering and has listed the new shares on Friday, Sept. 28.
The bank told the Philippine Stock Exchange that they issued 158.8 million common shares, priced P62.97 each.
“The proceeds give us a stronger capital base that supports our growth aspirations and provides buffer over higher capital requirements,? Edwin Bautista, UnionBank?s President and Chief Executive Officer, said in a statement.
The biggest takers were Aboitiz Equity Ventures, Social Security System and Insular Life Assurance Company Ltd., which are the bank’s biggest shareholders. Retail investors also took part in the sale.