The Philippine Stock Exchange (PSE) has approved a plan by Ayala-led Bank of the Philippine Islands to beef up capital by as much as P50 billion by selling new shares to existing investors.
Based on an offering circular posted on the PSE yesterday, BPI was authorized to sell up to 600 million new shares to eligible shareholders.
The offering will be priced on March 27. The entitlement ratio has yet to be finalized.
BPI’s share sale will run from April 16 to 25. Listing on the PSE is tentatively slated for May 4.
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Shareholders as of record date April 6 will be eligible to subscribe to the stock rights offering. Ex-date is on April 3.
Proceeds from the offering will be used by BPI to “enhance its capital position to further expand its presence in emerging growth areas… while achieving a buffer over higher loss absorbency requirements under Basel 3 rules as well as funding infrastructure expansion.”
