Metrobank to raise $723m in rights offering

The Philippine banking unit of George Ty wants to boost its core capital ratio. If successful, the rights issue will be the country's largest equity deal in nearly two years.

Metropolitan Bank Trust Company, the Philippine banking unit owned by local tycoon George Ty, has won approval for a P32 billion $723 million rights offering to help improve the bank’s core capital ratio.

If successful, the deal announced by Metrobank on Tuesday will be the country's largest equity capital raise in two years.

Metrobank has priced the rights offering at P73.50 per share, representing a 21.75% discount to the volume-weighted average price of the bank’s shares for each of the 10 previous trading days, according to the filing published on the Philippines Stock Exchange website.

The new shares are also being offered at...

¬ 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