The Filinvest Group-backed lender priced its stock rights offering at P10.80 per share, with plans to issue up to 833.3 million new shares to fund its next phase of growth.
“This capital allows us to keep building a consumer, wealth and digital franchise that stays on its growth path,” EastWest CEO Jerry Ngo said in a statement on Thursday.
The fundraising will give EastWest additional capital to expand lending to households and businesses while investing in technology and services targeting affluent customers.
Share sale opens November 23
Existing investors can subscribe to one new share for every 2.7 shares held as of the Nov. 19 record date, with the offer running from Nov. 23-27.
The new shares are expected to begin trading on the Philippine Stock Exchange on Dec. 7.
Major shareholders Filinvest Development Corp. and FDC Ventures have committed to buy their full share allocations, with the Filinvest group also agreeing to take up any shares left unsubscribed after the institutional offering, subject to the deal's terms.
—Edited by Miguel R. Camus
