Metrobank readies P60-b stock rights
METROPOLITAN Bank & Trust Co., the second-largest lender in terms of assets, will start on March 22, 2018 the offering period for a stock rights offering of up to P60 billion following the much-needed approval from the Philippine Stock Exchange.
The bank will issue up to a maximum of 819,827,214 common shares, or equivalent to the remaining unissued shares from the bank’s authorized capital stock.
The bank in a disclosure to the stock exchange Monday said offering period will end on April 4, 2018.
“GT Capital Holdings Inc. disclosed today that it intends to fully subscribe in the Metrobank SRO... The board has delegated to senior management the determination of the final terms of the SRO and authorized it to execute all related documentation,” the bank said.
The bank’s board on Jan. 17, 2018 approved the planned stock rights offering. Metrobank said the robust growth of the Philippines would continue to support the prospects for accelerated loan expansion across the various segments of the economy. Julito G. Rada