Banco de Oro raises P60 billion from stock rights offering
January 31, 2017
Banco de Oro Unibank Inc ended its stock rights offering on Tuesday with a bell-ringing ceremony at the Philippine Stock Exchange (PSE).
In a disclosure to the PSE, Banco de Oro raised P60 billion which the bank said it “will make it better positioned to fulfill its medium-term growth objectives and take advantage of the positive outlook on the Philippine economy.”
“This issue will likewise provide a comfortable buffer over higher capital requirements with the imposition of the Domestic Systemically Important Bank (DSIB) surcharge,” the bank added.
BDO said the offer “represents a key milestone not only for BDO but also for the Philippines as the largest-ever common equity capital raise from the Philippine market; and executed amid challenging global market conditions.”
The offer was fully subscribed and led by major shareholder SM Group. The Offer also saw
The 716,402,886 rights shares were issued pursuant to the offer at a price of P83.75 each.
BDO’s total issued and outstanding common shares after the stock rights offering will be 4.37 million, the bank said.
The offer was fully subscribed and led by major shareholder SM Group. The offer also saw strong participation from the bank’s domestic and international investors.
In his speech, PSE chairman Jose T. Pardo said: “The very warm reception to this transactions, which is one of the biggest offerings in the history of the Philippine market, is a testament to the confidence of investors in BDO, in our stock market, and the Philippine economy.”
BDO, which closed P114.90 on Monday, closed at P112.60, for a decline of 1.92 percent. DMS
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