Bank of the Philippine Islands (BPI) has listed 599.7 million new common shares at the local bourse following the completion of a P50-billion stock rights offer.
After the bell-ringing ceremony at the Philippine Stock Exchange Friday, BPI has listed the new shares priced at P89.50 apiece.
The new shares were issued to shareholders entitled to subscribe to a share for every 7.0594 common shares as of record date April 6.
The rights offer, which was conducted on April 16-25, was met with “strong support from both domestic and foreign shareholders,” resulting in an oversubscription of 22.3% as of the close of offer on April 25.
BPI’s major shareholders, including Ayala Corp., applied to subscribe for more than their pro-rata entitlements under the terms of the rights offer.
“We thank our shareholders who have supported this exercise as we pusue out growth strategy this year,” BPI president and chief executive officer Cezar P. Consing was quoted as saying in the statement. — Karl Angelo N. Vidal