Metropolitan Bank & Trust Co., or Metrobank, plans to raise up to 60 billion Philippine pesos through its planned stock rights offering, the Philippine Daily Inquirer reported March 2.
In January, the bank obtained board approval to offer up to 819,827,214 common shares to eligible shareholders. The shares are equivalent to the remaining unissued shares from the bank's authorized capital stock.
The bank obtained approval from the Philippine Stock Exchange for the offering, the report added.
The stock rights offering will commence March 22 until April 4. The entitlement ratio has yet to be finalized along with the pricing, which will be set on March 14.
The new shares will be listed on the country's stock exchange on April 12.
As of March 1, US$1 was equivalent to 51.83 Philippine pesos.
