The banking arm of the Aboitiz family, Union Bank of the Philippines has set the price for its stock rights offering at P56.88 each share, near the middle of the indicated range.
The offer price represents a 35 percent discount from the stock’s current price.
UnionBank will offer up to 220.263 million common shares to raise around P12 billion.
Investors can buy one rights share for every 10.15 Union Bank shares owned.
The offer period runs from January 16 to 27.
Proceeds from the offer will be primarily used to inject additional capital into UnionDigital Bank Inc. as well as fund projected loan availments, general corporate purposes and other business growth opportunities.
