The Philippine Stock Exchange has approved the P12-billion stock rights offering of tycoon Lucio Tan-led Philippine National Bank, which intends to strengthen its core capital and sustain asset growth.
About 276.62 million new common shares will be offered to existing stockholders at P43.38 a share, based on an entitlement ratio of one share for every 4.516 common shares as of record date June 21.
The stock rights offering will run from July 3 to 12, while listing on the Philippine Stock Exchange is tentatively set for July 22, based on an offering circular posted by the local bourse.
The lead underwriter for the offering is PNB Capital and Investment Corp.
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PNB’s major shareholder LT Group Inc. is expected to support the offering.
The public holds around 21 percent of its shares.
