PSBank completes P8-B stock rights offer
Credit to Author: EIREENE JAIREE GOMEZ| Date: Thu, 17 Jan 2019 16:16:22 +0000
PHILIPPINE Savings Bank (PSB) has completed its P8-billion stock rights offer to eligible shareholders subscribing to 142.85 million common shares to be listed on the Philippine Stock Exchange on Friday.
In a disclosure, the listed unit of Ty-led Metropolitan Bank and Trust Co. (Metrobank) said the offer period ended on January 11, and shares were priced at P56 each.
According to the lender, broad support was seen across the shareholder base, resulting in a substantial oversubscription.
The offer’s success represents a strong vote of confidence from investors in the bank and its strategy, PSBank said.
The bank believes the country’s robust growth will continue to support loan expansion across various segments of the economy.
The additional capital from the offer is expected to further enhance the lender’s capital ratios, further solidifying its capital adequacy and financial strength.
Sister company First Metro Investment Corp. is the offer’s sole manager, bookrunner and underwriter.
The bank’s board approved the offer during a meeting on Oct. 15, 2018, to support the firm’s growth for the first quarter.
PSBank was incorporated on June 30, 1959 as a savings and mortgage bank. Metrobank bought a majority share in the lender in 1983 and raised this to the current 83 percent in 2004. It operates in several business segments — consumer banking, corporate banking, branch banking and treasury — and primarily caters to retail and consumer markets.
It has 250 branches and 610 automated teller machines nationwide as of end-December 2017.
PSBank shares added P1 or 1.69 percent to finish at P60.30 apiece on Thursday.
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