Metrobank reports success in P60B stock rights offer
Current stockholders went to buy bigger shares in the bank.
The Metropolitan Bank & Trust Company (Metrobank) has successfully raised P60 billion in additional capital following the issuance of 799.8 million new common shares.
In a disclosure, the bank said the shares were availed of at P75 each, with the rights to be listed on the Philippine Stock Exchange on Thursday, April 12.
“The Offer was taken up entirely by the Bank’s existing shareholders, with broad support seen across the shareholder base resulting in a substantial oversubscription,” Metrobank said in a statement, saying that the fund-raising exercise is a “strong vote of confidence from investors.”
The new capital will be used to expand lending activities and allow the bank to fully acquire Metrobank Card Corp. within the year as it buys out ANZ’s 40 percent share.