UnionBank to kick off P10-B stock rights offer

The stock rights offering of Aboitiz-led Union Bank of the Philippines is set to kick off in May to raise as much as P10 billion to fund the capital infusion of its digital bank and for other general purposes.

- KEISHA TA-ASAN

Based on its preliminary offer terms sheet submitted to the Philippine Stock Exchange, the bank is offering up to 450 million rights shares to eligible shareholders at a price range of P33.73 to P38.23 per share.

The offer price was determined by computing the volume-weighted average price of UnionBank's common shares on the PSE for each of the 15 consecutive trading days immediately prior to and excluding May 2, and applying a discount of 15 to 25 percent.

The final price will be determined on May 8, while the offer period will be from May 16 to May 24.

CLSA Exchange Capital Inc. and Unicapital Inc. are the joint underwriters for the fundraising activity.