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Dec 16, 2018 @ 11:50

PSBank to proceed with stock rights offer in Jan


Investors better be ready.

The Philippine Savings Bank (PSBank) will start 2019 hoping to attract new money.

The thrift bank owned by the late George SK Ty unveiled its offer period for its P8-billion stock rights offer to existing investors.

PSBank said it will make the offer to stockholders on record from Jan. 7-11, 2019. The shares will be priced P56 apiece, with 142.9 million shares up for grabs.

“Within the first three months, the Bank expects that the net proceeds will be initially invested in investments allowed under BSP regulations but will eventually be reinvested in loans to be disbursed within the next 12 months,” PSBank said about the offering, which has been announced back in October.

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