Aboitiz-led Union Bank of the Philippines raised P10 billion from a stock rights offer, which saw strong support from its shareholders and investors.
The equity deal, involving 327.12 million common shares at P30.57 each, was completed with listing of the shares on Friday. Proceeds from the right offer will be used for the support the bank’s expansion.
“The strong response from our shareholders to the stock rights offering underscores their confidence in our strategic objective to become the best retail bank in the country,” said Edwin R. Bautista, UnionBank president and CEO, said in a statement.
UnionBank said the offer was fully subscribed by principal shareholders Aboitiz Equity Ventures, the Social Security System, and Insular Life.
CLSA Exchange Capital Inc., and Unicapital Inc. acted as joint underwriters while Citigroup Global Markets Ltd. acted as capital markets adviser.
Miguel R. Camus has been a reporter covering various domestic business topics since 2009.
