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Metrobank sets entitlement ratio, price for stock rights offer

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Metrobank sets entitlement ratio, price for stock rights offer

Metropolitan Bank & Trust Co., or Metrobank, set the entitlement ratio and price for its planned stock right offering to raise approximately 60 billion pesos.

The bank will offer 799,842,250 rights shares at 75 pesos per share, with shareholders entitled to subscribe to one rights share for every 3.9760 common shares held as of March 21.

The proceeds from the stock rights offering will be used by the bank to pursue business prospects and sustain its growth trajectory, as well as to fund its acquisition of the remaining stake it does not own in Metrobank Card Corp.

The stock rights offer will commence March 22 and end April 4.

UBS AG's Hong Kong branch and First Metro Investment Corp. will act as joint global coordinators and joint book runners for the issuance, with the former also acting as international underwriter and the latter also acting as issue manager and domestic lead underwriter. DBS Bank Ltd. will act as co-manager and co-underwriter.

As of March 14, US$1 was equivalent to 52.00 Philippine pesos.