Rizal Commercial Banking Corp. (RCBC) has set the final terms for its stock rights offer (SRO) where it is eyeing to raise P15 billion to strengthen its capital ratio and fund its business expansion.
In a regulatory filing Friday, June 8, the Yuchengco-led lender said it will offer 535.71 million common shares under the plan priced at P28 apiece.
The offering will be conducted from June 25 to 29.
Eligible shareholders are entitled to subscribe to a share for every 2.6132 common shares as of the June 14 record date. Ex-rights date is on June 8.
RCBC said in a previous disclosure that proceeds from the capital raising exercise will be used to strengthen the lender’s capital ratio under the Basel 3 standards, although noting that the bank’s capital ratios are above the regulatory requirements.
RCBC, the tenth-biggest bank in asset terms as of end-2017, booked a net income of P1.1 billion, 13.1% higher than the P1 billion logged in the same period last year supported by robust loan growth and reduction in non-performing assets. — Karl Angelo N. Vidal

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