BDO Unibank rights issue

BDO Unibank sets rights issue price at 24.9% discount

Investors get to buy new shares at Ps48.60 apiece as the Philippine bank seeks to raise $1 billion through the country’s biggest ever rights offering.
<div style="text-align: left;">
The Philippine Stock Exchange is up 13% in 2012 (AFP)
</div>
<div style="text-align: left;"> The Philippine Stock Exchange is up 13% in 2012 (AFP) </div>

BDO Unibank, the Philippines’ biggest bank in terms of total assets, has fixed the price for its upcoming rights issue at Ps48.60 per share. The price represents a 24.9% discount to its 15-day volume-weighted average price VWAP and will see the bank raise about Ps43.5 billion $1 billion.

The discount is close to the maximum proposed by the bank when it first announced details of the offering almost two weeks ago. At the time it said it would sell the new shares at a discount of up to 20% to 25% versus the 10- to 15-day VWAP.

The price represents a discount of about 20%...

¬ Haymarket Media Limited. All rights reserved.

FinanceAsia has updated its subscription model.

Registered readers now have the opportunity to read 5 articles from our award-winning website for free.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences.

To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222

Article limit is reached.

Hello! You have used up all of your free articles on FinanceAsia.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences. To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222