Home Banking & Finance PNB sets final terms for rights offer
PNB sets final terms for rights offer
PHILIPPINE NATIONAL Bank (PNB) has set the final terms for its stock rights offer (SRO) where it is looking to raise up to P12 billion to fund asset growth.
The Tan-owned PNB said in a disclosure to the local bourse on Tuesday it will offer 276.63 million common shares under the plan priced at P43.38 apiece, a 13.41% discount from its Tuesday close of P50.10 each.
The final number of shares on offer is lower than the bank’s initial plan to sell up to 300 million shares.
The offer will be conducted from July 3 to 12.
Eligible shareholders are entitled to subscribe to a share for every 4.516 common shares as of the June 21 record date. Ex-date was yesterday.
PNB said proceeds of the fund-raising activity will be used to fund the asset growth of the bank.
Apart from the SRO, PNB is also set to raise about $2 billion via euro medium-term note (MTN) program, double than the initial $1 billion announced.
The lender established its euro note program in April last year. During that month, it allocated $300 million in proceeds from the program to support its dollar lending.
In May, the lender said it wants to raise another $300 million in fresh funds through the MTN program.
PNB booked a net profit of P1.9 billion in the first quarter, up 30% from the same period last year.
The bank’s closing price yesterday was down P1.95 or 3.75% from Monday’s finish. — KANV