The board of directors of Philippine Savings Bank (PSE: PSB) passed a resolution granting approval on the bank’s request to issue up to a maximum of 184,747,509 common shares equivalent to the remaining unused shares from its authorized capital stock or approximately PhP8 billion in fresh capital.
Timing and size of the transaction are subject to other details such as the offer price and are subject to receipt of regulatory approvals as well as market and other conditions. Target issuance will be first quarter of 2019.
This stock rights issuance is aimed in supporting the expected growth of the bank.
The board has also approved to engage First Metro Investment Corp. (FMIC) as issue manager and underwriter, Picazo Buyco Tan Fider and Santos Law Offices as legal counsel, and Metrobank Trust Banking Group as stock transfer agent.