Zest-O owner Alfredo Yao’s Philippine Business Bank (PBB) has finalized the terms for its stock rights offering.
Based on a latest filing with the stock exchange, PBB will offer 50 million shares at P10 per share.
Shareholders will be entitled to one rights share for every 4.6428 common shares held as of record date that has yet to be set by the company.
The offer period is set to run from March 17 to 23, with a tentative listing date of March 31.
PBB will use proceeds from the offering to increase capitalization, in part to comply with the minimum capital requirement for a universal bank license, and for general corporate purposes such as investments, loans, maintenance capex, operating expenses, and other opportunities.
By increasing its capitalization, PBB aims to expand its capability to develop new businesses and take advantage of opportunities in the financial services space.
PBB also aims to meet the growing demands of the banking business and position itself to exploit opportunities as the economy rebounds.