Connect with us

Hi, what are you looking for?

News

UnionBank sets final price for rights offer

BW FILE PHOTO

UNIONBANK of the Philippines, Inc. set the final price for its stock rights offering (SRO) at P56.88 per share, a 36.65% discount from its Thursday close at the stock market.

The Aboitiz-led bank will offer 210.97 million shares and looks to raise P12 billion, it said in a disclosure to the local bourse on Thursday.

“The offer price was determined based on the volume-weighted average price of the bank’s common shares on the Philippine Stock Exchange (PSE) for each of the 15 consecutive trading days immediately prior to (and excluding) Jan 4, 2023 and applying a discount of 30%,” it said.

“The proceeds from the Stock Rights Offering will be used to fund the capital infusion to UnionDigital, loan availments by retail, corporate and commercial customers, other business growth opportunities, i.e. investment securities and other assets and/or general corporate purposes,” UnionBank added.

UnionDigital is the listed lender’s digital bank and was granted a license by the Bangko Sentral ng Pilipinas in July 2021. It began operating in July 2022.

The offer period will run from Jan. 16 to 27, while the tentative listing date is on Feb. 6.

The bank said the entitlement ratio for the SRO is one rights share per 10.1536 common shares as of Jan. 12.

The offer price was initially set at a range of P54.48 to P58.38. The bank also reduced the number of shares on offer from 220.26 million shares.

UnionBank posted a net profit of P4 billion in the third quarter of 2022, higher by 17% from P3.4 billion in the comparable year-ago period.

This brought its nine-month net profit to P10.1 billion, which translated to a return on equity of 10.4%, reflecting the impact of an additional P40-billion capital from the lender’s stock rights offer in May 2022.

The bank’s shares closed at P89.80 apiece on Thursday, gaining P2.40 or 2.75% from the previous day’s finish. — AMCS

Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

Latest

Editor’s Pick

<?xml encoding=”utf-8″ ??> The exodus of workers from the jobs market over the pandemic has weakened prospects for Britain’s economic growth, the governor of...

Editor’s Pick

<?xml encoding=”utf-8″ ??> Will Polston, talks to Business Matters about how helping ambitious owners to maximise their potential has resulted in him becoming a finalist...

News

Elon Musk talks about his company’s Starlink project at the Mobile World Congress, Barcelona, Spain, June 30, 2021. — BRISA PALOMAR / PACIFIC PRESS/SIPA...

News

PHILSTAR FILE PHOTO The National Economic and Development Authority (NEDA) has approved seven “high-impact” projects, ranging from agriculture to transportation, the agency’s top official...

News

Television (TV) advertising is shifting toward addressable TV, a service that allows advertisers to show different ads to different audiences watching the same program,...

Editor’s Pick

<?xml encoding=”utf-8″ ??> Wayne Janse Van Rensburg, Chief Executive of education company Learndirect talks to Business Matters about the inspiration behind their business, which...

You May Also Like

News

COVID-19 has had a significant impact on the mental health of Filipinos across different groups all over the archipelago. From frontline workers, parents balancing...

News

REUTERS By Luz Wendy T. Noble, Reporter The country’s foreign exchange buffers slightly increased as of end-October as the value of the central bank’s...

News

BW FILE PHOTO GROSS BORROWINGS by the National Government reached P2.6 trillion as of end-September as it continued to raise funds to respond to...

News

KARASOLAR.COM TENA, Ecuador — Ecuador’s rainforest Achuar people say their ancestors long dreamed of a “fire canoe” or “electric fish” that would let them...

Disclaimer: Respect Investment.com, its managers, its employees, and assigns (collectively "The Company") do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2022 Respect Investment. All Rights Reserved.