PNB readies P13B rights offer
Taipan Lucio Tan-led Philippine National Bank is raising P12 billion through the issuance of shares to further strengthen its financial muscle.
In a regulatory filing, PNB said its board approved the offering of shares through a rights issue to meet higher capital requirements and sustain its asset growth.
PNB had yet to firm up the terms of the offering including the final issue size, entitlement ratio, offer price and record date.
Its major shareholder LT Group will support the offer.
The country’s fifth largest lender is embarking on a major fundraising program. It earlier approved the issuance of as much as P100 billion worth of bonds.